Loan Waiver in Settlement Not Taxable u/s 56(2)(vi) for Unrecoverable Balances.

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....Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived or remitted the loan amount, rather the bank to secure payment of remaining part of the loan, which otherwise the bank was feeling difficult to recover, was the consideration for settlement of the loan account - not taxable....