https://www.taxtmi.com/caselaws?id=384108 The Tribunal held that the waiver of a loan amount should not be treated as income under Section 28(iv) of the Income Tax Act, 1961, as it did not meet the conditions of the provision. Additionally, the waiver could not be taxed under Section 41(1) as it did not result in the cessation of a trading liability, based on interpretations from relevant case law. The Tribunal directed the Assessing Officer to delete the disallowance, ruling in favor of the appellants based on the precedent set by the Supreme Court in Mahindra & Mahindra Mills Ltd. en-us Fri, 02 Aug 2019 00:00:00 +0530 Mon, 05 Aug 2019 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384108 The Tribunal held that the waiver of a loan amount should not be treated as income under Section 28(iv) of the Income Tax Act, 1961, as it did not meet the conditions of the provision. Additionally, the waiver could not be taxed under Section 41(1) as it did not result in the cessation of a trading liability, based on interpretations from relevant case law. The Tribunal directed the Assessing Officer to delete the disallowance, ruling in favor of the appellants based on the precedent set by the Supreme Court in Mahindra & Mahindra Mills Ltd. Case-Laws Income Tax Fri, 02 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384108