Loan Waiver Settlement Taxed as Revenue Receipt u/s 41(1) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Nature of receipt - one time settlement arising out of waiver of dues of term loan by the lender - Revenue or capital receipt - The waiver of the principal amount which was taken for trading purpose and credited to the profit & loss account of the assessee, has been rightly taxed as Revenue receipt u/s 41(1) - AT....