https://www.taxtmi.com/caselaws?id=255191 The Andhra Pradesh High Court ruled that the loan waiver amount of Rs. 70,00,000 should not be treated as income for the assessment year 1994-95. The court emphasized that the loan was part of the capital, not income, as it was not received in the course of trade or business. The judgment distinguished the case from Commissioner of Income Tax v. T. V. Sundaram Iyengar, concluding that the loan waiver did not meet the criteria under Section 41 of the Income Tax Act for treatment as income. The Tribunal's decision was upheld, dismissing the appeal against the Commissioner's order. en-us Wed, 17 Dec 2014 00:00:00 +0530 Fri, 09 Jan 2015 21:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255191 The Andhra Pradesh High Court ruled that the loan waiver amount of Rs. 70,00,000 should not be treated as income for the assessment year 1994-95. The court emphasized that the loan was part of the capital, not income, as it was not received in the course of trade or business. The judgment distinguished the case from Commissioner of Income Tax v. T. V. Sundaram Iyengar, concluding that the loan waiver did not meet the criteria under Section 41 of the Income Tax Act for treatment as income. The Tribunal's decision was upheld, dismissing the appeal against the Commissioner's order. Case-Laws Income Tax Wed, 17 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255191