https://www.taxtmi.com/caselaws?id=310841 ITAT dismissed the appeal regarding remission of unsecured loans from bodies corporate being treated as income under section 28(iv) read with section 2(24). The tribunal held that the assessee company was engaged in money lending business, using loans for day-to-day operations without purchasing capital assets. Following Solid Containers Ltd. vs. Dy. CIT and T.V. Sundaram Iyengar Sons Ltd., the tribunal ruled that waiver of business loans constitutes taxable income as the amount is retained in business operations, transforming non-income into taxable income. en-us Thu, 30 Jan 2014 00:00:00 +0530 Tue, 21 Nov 2023 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310841 ITAT dismissed the appeal regarding remission of unsecured loans from bodies corporate being treated as income under section 28(iv) read with section 2(24). The tribunal held that the assessee company was engaged in money lending business, using loans for day-to-day operations without purchasing capital assets. Following Solid Containers Ltd. vs. Dy. CIT and T.V. Sundaram Iyengar Sons Ltd., the tribunal ruled that waiver of business loans constitutes taxable income as the amount is retained in business operations, transforming non-income into taxable income. Case-Laws Income Tax Thu, 30 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310841