https://www.taxtmi.com/caselaws?id=178496 Waiver of the principal portion of a term loan taken for capital purposes was held not taxable as income from other sources where section 41(1) did not apply. The Assessing Officer accepted that the waiver was not a trading liability, expenditure, or loss within section 41(1), and the Tribunal found no other charging provision that could treat the capital loan waiver as taxable on the facts. Authorities cited by the Revenue were distinguished as inapplicable to this type of capital receipt. The addition on account of the loan waiver was therefore deleted. en-us Fri, 24 Feb 2012 00:00:00 +0530 Wed, 17 Feb 2016 19:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178496 Waiver of the principal portion of a term loan taken for capital purposes was held not taxable as income from other sources where section 41(1) did not apply. The Assessing Officer accepted that the waiver was not a trading liability, expenditure, or loss within section 41(1), and the Tribunal found no other charging provision that could treat the capital loan waiver as taxable on the facts. Authorities cited by the Revenue were distinguished as inapplicable to this type of capital receipt. The addition on account of the loan waiver was therefore deleted. Case-Laws Income Tax Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178496