https://www.taxtmi.com/highlights?id=47965 Addition towards loans waived off - If on an enquiry and verification, it transpires that the assessee had utilized the loan for the purpose of its business activity or trading activity, the amount of loan to the extent it has been waived by the Directors/shareholders shall be deemed to be income chargeable to tax - if utilized for purpose of acquiring any capital asset then on its waiver is not taxable en-us Wed, 17 Jul 2019 09:43:45 +0530 Wed, 17 Jul 2019 09:43:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=47965 Addition towards loans waived off - If on an enquiry and verification, it transpires that the assessee had utilized the loan for the purpose of its business activity or trading activity, the amount of loan to the extent it has been waived by the Directors/shareholders shall be deemed to be income chargeable to tax - if utilized for purpose of acquiring any capital asset then on its waiver is not taxable Highlights Income Tax Wed, 17 Jul 2019 09:43:45 +0530 https://www.taxtmi.com/highlights?id=47965