https://www.taxtmi.com/caselaws?id=359794 The Supreme Court dismissed the appeals, ruling that the waiver of the loan did not constitute taxable income under Sections 28(iv) and 41(1) of the Income Tax Act. The waiver amount received in cash did not fall under Section 28(iv), which applies to non-monetary benefits. Additionally, as the waiver was not related to a trading liability and no deduction was claimed for the interest paid on the loan, Section 41(1) was deemed inapplicable. en-us Tue, 24 Apr 2018 00:00:00 +0530 Wed, 05 Sep 2018 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359794 The Supreme Court dismissed the appeals, ruling that the waiver of the loan did not constitute taxable income under Sections 28(iv) and 41(1) of the Income Tax Act. The waiver amount received in cash did not fall under Section 28(iv), which applies to non-monetary benefits. Additionally, as the waiver was not related to a trading liability and no deduction was claimed for the interest paid on the loan, Section 41(1) was deemed inapplicable. Case-Laws Income Tax Tue, 24 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359794