https://www.taxtmi.com/caselaws?id=391534 The Tribunal held that the remission of a loan by the Government of Maharashtra was not taxable under Sections 41(1) or 28(iv) of the IT Act. The Supreme Court affirmed this decision, stating that the waiver of the loan did not constitute income under Section 28(iv) as it resulted in the debtor having extra cash. Additionally, the Court found that the waiver did not amount to the cessation of a trading liability under Section 41(1). The appeal was dismissed, and the decision was deemed applicable to the case at hand. en-us Tue, 21 Jan 2020 00:00:00 +0530 Tue, 14 Jul 2026 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391534 The Tribunal held that the remission of a loan by the Government of Maharashtra was not taxable under Sections 41(1) or 28(iv) of the IT Act. The Supreme Court affirmed this decision, stating that the waiver of the loan did not constitute income under Section 28(iv) as it resulted in the debtor having extra cash. Additionally, the Court found that the waiver did not amount to the cessation of a trading liability under Section 41(1). The appeal was dismissed, and the decision was deemed applicable to the case at hand. Case-Laws Income Tax Tue, 21 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391534