Loan Waivers in One-Time Settlements Not Considered Income u/s 28(iv) or Section 41(1) of Income Tax Act.

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....Loan waived by the banks in favour of the respondent assessee in one time settlement - whether the principal amounts of loans retained by the assessee on account of one time settlement, constituted its income as per section 28(iv) though not under Section 41(1) - Held No - HC....