https://www.taxtmi.com/caselaws?id=262102 The court ruled in favor of the assessee, holding that the waived loan amount for fixed assets did not constitute income and should not be taxed under Section 41(1) r.w.s.28(iv) of the Income Tax Act. The Tribunal emphasized that the loan waiver did not qualify as a subsidy or grant under Explanation 10 to Section 43(1) and clarified that waived loans for capital assets should not be treated as income. The court concluded that loan waivers for capital assets do not trigger tax implications as income, dismissing the Revenue's appeal. en-us Tue, 21 Jul 2015 00:00:00 +0530 Sat, 01 Aug 2015 08:39:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262102 The court ruled in favor of the assessee, holding that the waived loan amount for fixed assets did not constitute income and should not be taxed under Section 41(1) r.w.s.28(iv) of the Income Tax Act. The Tribunal emphasized that the loan waiver did not qualify as a subsidy or grant under Explanation 10 to Section 43(1) and clarified that waived loans for capital assets should not be treated as income. The court concluded that loan waivers for capital assets do not trigger tax implications as income, dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 21 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262102