https://www.taxtmi.com/caselaws?id=425335 The tribunal ruled in favor of the appellant, overturning the addition of Rs.1,29,78,902 as income due to the waiver of a principal loan from ICICI Bank credited to the Capital Reserve Account. The tribunal held that the waiver did not fall under section 28(iv) of the Income Tax Act, 1961, as it was a cessation of liability related to capital assets, not a trading liability. The appeal was allowed, and the addition made by the Assessing Officer was deemed incorrect. en-us Thu, 07 Jul 2022 00:00:00 +0530 Thu, 21 Jul 2022 09:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425335 The tribunal ruled in favor of the appellant, overturning the addition of Rs.1,29,78,902 as income due to the waiver of a principal loan from ICICI Bank credited to the Capital Reserve Account. The tribunal held that the waiver did not fall under section 28(iv) of the Income Tax Act, 1961, as it was a cessation of liability related to capital assets, not a trading liability. The appeal was allowed, and the addition made by the Assessing Officer was deemed incorrect. Case-Laws Income Tax Thu, 07 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425335