https://www.taxtmi.com/caselaws?id=371801 The tribunal upheld the deletion of the addition for the waiver of interest under a one-time settlement scheme for computing book profit under section 115JB of the IT Act, ruling it allowable as the assessee met specified conditions. Additionally, the tribunal determined that the waiver of the principal loan amount by the bank was not taxable, considering it capital in nature and not revenue, leading to the dismissal of the Revenue's appeal. The decision clarified the tax treatment of waived amounts and distinguished between revenue and capital transactions in income tax assessment. en-us Thu, 29 Nov 2018 00:00:00 +0530 Tue, 11 Dec 2018 08:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371801 The tribunal upheld the deletion of the addition for the waiver of interest under a one-time settlement scheme for computing book profit under section 115JB of the IT Act, ruling it allowable as the assessee met specified conditions. Additionally, the tribunal determined that the waiver of the principal loan amount by the bank was not taxable, considering it capital in nature and not revenue, leading to the dismissal of the Revenue's appeal. The decision clarified the tax treatment of waived amounts and distinguished between revenue and capital transactions in income tax assessment. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371801