https://www.taxtmi.com/caselaws?id=11255 HC upheld the Tribunal's finding that remission of unsecured loan of Rs.1,77,052 was not taxable in the assessee's hands. The court held s.41(1) (reinstating prior allowances when liabilities are remitted) could not apply because no allowance or deduction had been claimed in earlier years. Further, the remission did not qualify as a business perquisite under s.28(iv) since the company was not in the business of obtaining loans. Decision for the assessee against the Revenue. en-us Tue, 23 Oct 2001 00:00:00 +0530 Thu, 02 Oct 2025 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11255 HC upheld the Tribunal's finding that remission of unsecured loan of Rs.1,77,052 was not taxable in the assessee's hands. The court held s.41(1) (reinstating prior allowances when liabilities are remitted) could not apply because no allowance or deduction had been claimed in earlier years. Further, the remission did not qualify as a business perquisite under s.28(iv) since the company was not in the business of obtaining loans. Decision for the assessee against the Revenue. Case-Laws Income Tax Tue, 23 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11255