https://www.taxtmi.com/caselaws?id=394125 The High Court dismissed the Tax Appeal, concurring with the Tribunal that the waiver of the principal loan amount is not taxable under Section 41(1) or Section 28(iv) of the Income Tax Act, 1961. The Court held that the waiver did not constitute a trading receipt as it was never claimed as a deduction, aligning with the Tribunal's decision. The appeal was dismissed without costs, with the Court stating that the raised legal question was not substantial. en-us Mon, 13 Jan 2020 00:00:00 +0530 Fri, 09 Oct 2020 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394125 The High Court dismissed the Tax Appeal, concurring with the Tribunal that the waiver of the principal loan amount is not taxable under Section 41(1) or Section 28(iv) of the Income Tax Act, 1961. The Court held that the waiver did not constitute a trading receipt as it was never claimed as a deduction, aligning with the Tribunal's decision. The appeal was dismissed without costs, with the Court stating that the raised legal question was not substantial. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394125