https://www.taxtmi.com/caselaws?id=411674 The Tribunal confirmed the CIT(A)'s decision in a tax case involving the taxability of a loan waived by a financial institution under a one-time settlement scheme. The Tribunal held that the waived amount should be treated as capital and not taxable income, based on the absence of prior deductions related to the loan and a Supreme Court ruling. The Revenue's appeal was dismissed, affirming that the waived amount was rightfully considered capital, following the CIT(A)'s decision. en-us Tue, 24 Aug 2021 00:00:00 +0530 Wed, 01 Sep 2021 08:57:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411674 The Tribunal confirmed the CIT(A)'s decision in a tax case involving the taxability of a loan waived by a financial institution under a one-time settlement scheme. The Tribunal held that the waived amount should be treated as capital and not taxable income, based on the absence of prior deductions related to the loan and a Supreme Court ruling. The Revenue's appeal was dismissed, affirming that the waived amount was rightfully considered capital, following the CIT(A)'s decision. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411674