https://www.taxtmi.com/caselaws?id=443394 The Tribunal upheld the decision of the CIT(A) that the waiver of Rs. 1,43,71,02,003/- on redemption of Floating Rate Notes (FRNs) is a capital receipt and not taxable under Sections 28(i), 28(iv), or 41(1) of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, agreeing that the waiver of the loan amount did not constitute business income and was not taxable. The Tribunal distinguished the case from T.V. Sundram Iyengar & Sons, highlighting that the present case involved a capital liability, not a trading liability. en-us Thu, 02 Mar 2023 00:00:00 +0530 Thu, 21 Sep 2023 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443394 The Tribunal upheld the decision of the CIT(A) that the waiver of Rs. 1,43,71,02,003/- on redemption of Floating Rate Notes (FRNs) is a capital receipt and not taxable under Sections 28(i), 28(iv), or 41(1) of the Income Tax Act. The Tribunal dismissed the Revenue's appeal, agreeing that the waiver of the loan amount did not constitute business income and was not taxable. The Tribunal distinguished the case from T.V. Sundram Iyengar & Sons, highlighting that the present case involved a capital liability, not a trading liability. Case-Laws Income Tax Thu, 02 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443394