https://www.taxtmi.com/highlights?id=72296 Income taxable u/s 28(iv) - additions as 'benefit' by waiver of loans - As per the decision of Apex Court, the purpose of loan was neither dealt with nor would be a relevant determinative factor. The only test is that the 'benefit' or 'perquisite' should be other than ‘in the shape of money’. - The amendment vide Finance Act, 2023 also substantiate the findings of the Apex Court - Additions deleted - HC en-us Fri, 29 Sep 2023 17:41:36 +0530 Sat, 30 Sep 2023 10:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=72296 Income taxable u/s 28(iv) - additions as 'benefit' by waiver of loans - As per the decision of Apex Court, the purpose of loan was neither dealt with nor would be a relevant determinative factor. The only test is that the 'benefit' or 'perquisite' should be other than ‘in the shape of money’. - The amendment vide Finance Act, 2023 also substantiate the findings of the Apex Court - Additions deleted - HC Highlights Income Tax Fri, 29 Sep 2023 17:41:36 +0530 https://www.taxtmi.com/highlights?id=72296