Section 56(2)(X) of Income Tax Act

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....ection 56(2)(X) of Income Tax Act<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 25-2-2019 Last Reply Date:- 1-5-2019 Income Tax<br>Got 1 Reply<br>Income Tax<br>An individual has defa....

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....ulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of &#8377; 3.5 crores. Whether the sum of &#8377....

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....; 1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X) Reply By Ashwani Garg: The Reply: When the liability towards the bank to the extent of INR 1.5 crores would be written off ....

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....and credited in the Profit & Loss account, it would be anyways taxable as his business income. Hence, the question of taxability under section 56(2)(x) should not arise.<br> Discussion Forum - Knowled....

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....ge Sharing ....