https://www.taxtmi.com/caselaws?id=326017 The court held that the waived loan amount did not constitute income under Section 28(iv) of the Income Tax Act as the protection provided to the creditor was not a consideration. The loan write-off did not result in significant benefits for the creditor beyond statutory protection, leading to the conclusion that it was not revenue income. The court ruled in favor of the assessee, dismissing the Tax Case Appeal brought by the Department. en-us Wed, 24 Feb 2016 00:00:00 +0530 Mon, 04 Apr 2016 09:12:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326017 The court held that the waived loan amount did not constitute income under Section 28(iv) of the Income Tax Act as the protection provided to the creditor was not a consideration. The loan write-off did not result in significant benefits for the creditor beyond statutory protection, leading to the conclusion that it was not revenue income. The court ruled in favor of the assessee, dismissing the Tax Case Appeal brought by the Department. Case-Laws Income Tax Wed, 24 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326017