ITAT Confirms Loan Waiver u/s 41(1) as Capital Receipt, Upholds Taxpayer's Stance on Non-Taxable Status.

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....Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or not? - The findings of the CIT(A) are contrary to the facts of the case as the amount credited to capital reserve by the assessee pertains to principal amount borrowed without there being any component of interest embedded therein - ITAT rightly deleted the additions.....