https://www.taxtmi.com/caselaws?id=242126 The Tribunal ruled in favor of the assessee, holding that the waiver of interest under One Time Settlement (OTS) should not be taxed as income. The Tribunal emphasized that the waived interest, if related to loans for capital assets, cannot be taxed under section 41(1) or 28(iv). It was determined that the waiver of interest constituted a cash benefit, exempting it from taxation under section 28(iv) based on legal precedents. The Tribunal dismissed the Revenue's arguments and allowed the assessee's Cross Objection, highlighting the unique circumstances of the case compared to previous decisions. en-us Tue, 28 May 2013 00:00:00 +0530 Mon, 10 Jun 2013 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242126 The Tribunal ruled in favor of the assessee, holding that the waiver of interest under One Time Settlement (OTS) should not be taxed as income. The Tribunal emphasized that the waived interest, if related to loans for capital assets, cannot be taxed under section 41(1) or 28(iv). It was determined that the waiver of interest constituted a cash benefit, exempting it from taxation under section 28(iv) based on legal precedents. The Tribunal dismissed the Revenue's arguments and allowed the assessee's Cross Objection, highlighting the unique circumstances of the case compared to previous decisions. Case-Laws Income Tax Tue, 28 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242126