https://www.taxtmi.com/caselaws?id=216821 The court clarified that the waived amount by the bank was not taxable in a case where discrepancies arose between the outstanding amount in the assessee's books and the consent decree due to the bank not calculating interest on the amount classified as 'NPA.' Section 271(1)(c) of the Income Tax Act, 1961, was deemed inapplicable in this context. The civil appeal filed by the assessee was allowed with no costs, emphasizing the need to consider individual circumstances in determining tax implications of waived amounts and the application of relevant tax provisions. en-us Tue, 18 Sep 2012 00:00:00 +0530 Fri, 25 Jan 2013 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216821 The court clarified that the waived amount by the bank was not taxable in a case where discrepancies arose between the outstanding amount in the assessee's books and the consent decree due to the bank not calculating interest on the amount classified as 'NPA.' Section 271(1)(c) of the Income Tax Act, 1961, was deemed inapplicable in this context. The civil appeal filed by the assessee was allowed with no costs, emphasizing the need to consider individual circumstances in determining tax implications of waived amounts and the application of relevant tax provisions. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216821