https://www.taxtmi.com/caselaws?id=381838 The Tribunal held that the waiver of the loan amount was not taxable under section 28(iv) of the Income-tax Act as it was not a benefit arising from business. Sections 41(1) and 56(2)(vi) were also found inapplicable. The waiver was deemed part of a settlement and not taxable income. The addition made by the Assessing Officer was ordered to be deleted, allowing the assessee's appeal. en-us Thu, 16 May 2019 00:00:00 +0530 Wed, 19 Jun 2019 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381838 The Tribunal held that the waiver of the loan amount was not taxable under section 28(iv) of the Income-tax Act as it was not a benefit arising from business. Sections 41(1) and 56(2)(vi) were also found inapplicable. The waiver was deemed part of a settlement and not taxable income. The addition made by the Assessing Officer was ordered to be deleted, allowing the assessee's appeal. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381838