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Waived Term Loans Aren't Income, But Waived Working Capital Loans Are Taxable Income for Borrowers.

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....When a loan which is the term loan is waived by a financial institution, then it shall not treated as income in the hands of the assessee; whereas if working capital loan is waived, then that loan amount which is waived will be treated as 'income' in the hands of the assesse - AT....

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