Loan Waiver Not a Trading Liability Cessation u/s 41(1) of Income Tax Act; No Deduction Claimed u/s 36(1)(iii).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition on account of remission of loan - Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii)....