https://www.taxtmi.com/caselaws?id=253376 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for the assessment year 2004-05. The court ruled that the waiver of the term loan did not qualify as a trading liability under section 41(1) of the Income Tax Act. The decision was based on the factual circumstances and legal precedents indicating that the loan waiver did not result in income directly arising from business activity. The appeal was dismissed without costs. en-us Fri, 07 Nov 2014 00:00:00 +0530 Sat, 22 Nov 2014 08:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253376 The High Court dismissed the appeal challenging the Income Tax Appellate Tribunal's order for the assessment year 2004-05. The court ruled that the waiver of the term loan did not qualify as a trading liability under section 41(1) of the Income Tax Act. The decision was based on the factual circumstances and legal precedents indicating that the loan waiver did not result in income directly arising from business activity. The appeal was dismissed without costs. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253376