https://www.taxtmi.com/highlights?id=96061 Whether waiver of non-convertible debentures constituted taxable revenue receipt under s.28(iv) or required inclusion under s.41(1): relying on SC precedent that s.28(iv) does not apply to monetary receipts and on record showing the instrument was borrowing with no interest charged to P&L, the waiver is not exigible under s.28(iv) or s.41(1); addition of Rs.75 lakh is deleted. Whether carried forward business losses and unabsorbed depreciation were allowable: return schedules (CFL and UD) substantiate claimed carryforwards and AO/CIT(A) offered no valid rebuttal, so carryforward losses and unabsorbed depreciation must be allowed. - ITAT en-us Thu, 15 Jan 2026 18:10:06 +0530 Thu, 15 Jan 2026 18:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96061 Whether waiver of non-convertible debentures constituted taxable revenue receipt under s.28(iv) or required inclusion under s.41(1): relying on SC precedent that s.28(iv) does not apply to monetary receipts and on record showing the instrument was borrowing with no interest charged to P&L, the waiver is not exigible under s.28(iv) or s.41(1); addition of Rs.75 lakh is deleted. Whether carried forward business losses and unabsorbed depreciation were allowable: return schedules (CFL and UD) substantiate claimed carryforwards and AO/CIT(A) offered no valid rebuttal, so carryforward losses and unabsorbed depreciation must be allowed. - ITAT Highlights Income Tax Thu, 15 Jan 2026 18:10:06 +0530 https://www.taxtmi.com/highlights?id=96061