Loan Assignment Gain Not Taxable Income: Surplus Deemed Capital Receipt, Not u/s 41(1) of Income Tax Act.

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....Gain on Assignment of Loan Obligation - whether constitutes ''income" chargeable to lax - assessee has assigned the loan by paying the present value of future liability and the surplus is not taxable as it is not cessation or extinguishment of liability u/s 41(1) - capital receipt, not chargeable to tax....