https://www.taxtmi.com/highlights?id=57189 Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of waiver represent the interest debited to Profit and Loss account from the date of availing the loan in various assessment years till the date of redemption which was claimed by the assessee as deduction and the same required to be taxed u/s 41(1) - AT en-us Tue, 16 Mar 2021 12:24:45 +0530 Tue, 16 Mar 2021 12:24:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=57189 Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of waiver represent the interest debited to Profit and Loss account from the date of availing the loan in various assessment years till the date of redemption which was claimed by the assessee as deduction and the same required to be taxed u/s 41(1) - AT Highlights Income Tax Tue, 16 Mar 2021 12:24:45 +0530 https://www.taxtmi.com/highlights?id=57189