https://www.taxtmi.com/caselaws?id=393647 The court ruled in favor of the assessee, holding that the waiver of the loan could not be taxed under Section 28(iv) of the Income Tax Act. The court emphasized that the waiver resulting in a cash receipt did not meet the criteria for taxation under Section 28(iv), as established by the Supreme Court. The appeal was allowed, setting aside the Tribunal's order and restoring the decision of the first appellate authority. No costs were awarded. en-us Thu, 05 Mar 2020 00:00:00 +0530 Fri, 18 Sep 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393647 The court ruled in favor of the assessee, holding that the waiver of the loan could not be taxed under Section 28(iv) of the Income Tax Act. The court emphasized that the waiver resulting in a cash receipt did not meet the criteria for taxation under Section 28(iv), as established by the Supreme Court. The appeal was allowed, setting aside the Tribunal's order and restoring the decision of the first appellate authority. No costs were awarded. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393647