High Court Rules AO's Order Erroneous: Loan Waivers and Unclaimed Balances Must Be Taxed u/s 263.

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....Revision u/s 263 by CIT - AO has not brought to tax the waived principle amounts of loans / borrowings - Unclaimed balances out of deposits received from customers which were transferred to profit and loss account were assessable as income. Thus, the order of the Assessing Officer on account of incorrect application of the law, can be said to be erroneous - HC....