https://www.taxtmi.com/caselaws?id=361026 The Tribunal upheld the CIT(A)'s decision, ruling that the waiver of the principal loan amount under a one-time settlement with the bank should be treated as capital in nature and not taxable as business income under Section 41(1) or Section 28(iv) of the Income Tax Act. The Revenue's appeal was dismissed, and the addition made by the Assessing Officer was directed to be deleted. The Tribunal's decision was supported by various judicial precedents. en-us Wed, 23 May 2018 00:00:00 +0530 Mon, 28 May 2018 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361026 The Tribunal upheld the CIT(A)'s decision, ruling that the waiver of the principal loan amount under a one-time settlement with the bank should be treated as capital in nature and not taxable as business income under Section 41(1) or Section 28(iv) of the Income Tax Act. The Revenue's appeal was dismissed, and the addition made by the Assessing Officer was directed to be deleted. The Tribunal's decision was supported by various judicial precedents. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361026