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Mutual Fund Waivers Not Taxable: Section 41(1) Excludes Non-Debited or Non-Deducted Amounts from Tax Liability.
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....Taxability of the amount waived by the mutual funds/financial institutions - the amount of principal waived by the financial institutions cannot be taxed under section 41(1) as the same had not been debited to the profit and loss account in the earlier years nor had been claimed as a deduction from taxable income - HC....