https://www.taxtmi.com/caselaws?id=245815 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee regarding the taxability of the loan waiver amount, holding that it was not taxable income. However, the Tribunal upheld the disallowance of prior period expenses due to lack of evidence substantiating their crystallization during the year. The decision was based on a thorough analysis of arguments and relevant case laws, ultimately resulting in a well-reasoned judgment in favor of the assessee on the loan waiver taxability issue. en-us Fri, 28 Mar 2014 00:00:00 +0530 Tue, 08 Apr 2014 13:34:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245815 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee regarding the taxability of the loan waiver amount, holding that it was not taxable income. However, the Tribunal upheld the disallowance of prior period expenses due to lack of evidence substantiating their crystallization during the year. The decision was based on a thorough analysis of arguments and relevant case laws, ultimately resulting in a well-reasoned judgment in favor of the assessee on the loan waiver taxability issue. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245815