https://www.taxtmi.com/caselaws?id=784994 Waiver of non-convertible debentures was examined for classification as revenue receipt under Section 28(iv) and recoupment under Section 41(1); relying on precedent that receipts in nature of money are not caught by Section 28(iv), the waiver was held not taxable under Section 28(iv) and no addition was sustained under Section 41(1) where no interest had been charged to profit and loss account. Separately, denial of set-off of carried forward business losses and unabsorbed depreciation was reversed because those items were disclosed in the return and no credible contrary evidence was produced, directing allowance of the carry forwards. en-us Mon, 12 Jan 2026 00:00:00 +0530 Thu, 15 Jan 2026 08:41:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784994 Waiver of non-convertible debentures was examined for classification as revenue receipt under Section 28(iv) and recoupment under Section 41(1); relying on precedent that receipts in nature of money are not caught by Section 28(iv), the waiver was held not taxable under Section 28(iv) and no addition was sustained under Section 41(1) where no interest had been charged to profit and loss account. Separately, denial of set-off of carried forward business losses and unabsorbed depreciation was reversed because those items were disclosed in the return and no credible contrary evidence was produced, directing allowance of the carry forwards. Case-Laws Income Tax Mon, 12 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784994