https://www.taxtmi.com/caselaws?id=189880 An appellate authority may entertain a fresh legal claim when the necessary material is already on record, even if the claim was not made in the original return; the objection based solely on the revised-return requirement did not survive. On taxability of loan waiver, the character of the borrowing was ative: waiver of a term loan taken for machinery, being capital in nature, was not taxable on the facts found, while waiver of a loan secured against stock-in-trade retained a revenue character and was taxable. The appellate direction to exclude the non-taxable principal waiver and sustain tax only on the trading-linked waiver was upheld. en-us Thu, 18 Oct 2012 00:00:00 +0530 Tue, 24 Jan 2017 15:54:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189880 An appellate authority may entertain a fresh legal claim when the necessary material is already on record, even if the claim was not made in the original return; the objection based solely on the revised-return requirement did not survive. On taxability of loan waiver, the character of the borrowing was ative: waiver of a term loan taken for machinery, being capital in nature, was not taxable on the facts found, while waiver of a loan secured against stock-in-trade retained a revenue character and was taxable. The appellate direction to exclude the non-taxable principal waiver and sustain tax only on the trading-linked waiver was upheld. Case-Laws Income Tax Thu, 18 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189880