https://www.taxtmi.com/caselaws?id=386604 The High Court upheld the Tribunal's decision in a tax case involving the addition of a waived loan amount to income under Section 41(1) of the Income Tax Act. The Court ruled that Section 41(1) did not apply as the loan was on a capital account and not previously claimed as a deduction. The Court also rejected new arguments by the Revenue to tax the waived loan under Section 28(iv), stating they were untimely and inapplicable. The appeal was dismissed, with no costs awarded. en-us Wed, 25 Sep 2019 00:00:00 +0530 Thu, 03 Oct 2019 07:55:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386604 The High Court upheld the Tribunal's decision in a tax case involving the addition of a waived loan amount to income under Section 41(1) of the Income Tax Act. The Court ruled that Section 41(1) did not apply as the loan was on a capital account and not previously claimed as a deduction. The Court also rejected new arguments by the Revenue to tax the waived loan under Section 28(iv), stating they were untimely and inapplicable. The appeal was dismissed, with no costs awarded. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386604