Loan Waivers for Machinery or Fixed Assets Not Affected by Income Tax Act Sections 41(1) and 28(iv).

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....Principal amount of loans waived off by the financial institutions / banks - Loan amount had been taken for the purchase of machinery / fixed assets being on capital account and not on trading account would not be hit by Section 41(1) r.w. section 28(iv) of the Act - HC....