Loan Waiver for Capital Asset Purchase Considered Capital Receipt; Not Taxable u/s 28(iv) of Income Tax Act.

Loan Waiver for Capital Asset Purchase Considered Capital Receipt; Not Taxable u/s 28(iv) of Income Tax Act. https://www.taxtmi.com/highlights?id=29028 Addition u/s. 28(iv) - waiver of the outstanding principal amount of loan - amount used for the purchase of capital asset, the waiver thereof is a capital receipt not chargeable to tax under section 28(iv) - disallowance under section 28(iv) restricted to the loan waiver which has been used for trading activity - AT en-us Sat, 07 May 2016 11:49:20 +0530 Sat, 07 May 2016 11:49:20 +0530 TaxTMI RSS Generator Loan Waiver for Capital Asset Purchase Considered Capital Receipt; Not Taxable u/s 28(iv) of Income Tax Act. https://www.taxtmi.com/highlights?id=29028 Addition u/s. 28(iv) - waiver of the outstanding principal amount of loan - amount used for the purchase of capital asset, the waiver thereof is a capital receipt not chargeable to tax under section 28(iv) - disallowance under section 28(iv) restricted to the loan waiver which has been used for trading activity - AT Highlights Income Tax Sat, 07 May 2016 11:49:20 +0530 https://www.taxtmi.com/highlights?id=29028