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Loan Waiver for Capital Equipment Not Taxable as Income, High Court Rules Against Revenue's Appeal on Section 28(iv.

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....Taxability of Waiver of loan - loan advanced for acquisition of capital equipments - Revenue's first contention that the loan waived was availed towards working capital - whether waiver of loan attributable for the working capital was taxable under Section 28 (iv)? - Hon'ble Single Judge had remitted the matter to ITAT for reconsideration - Division Bench of High Court dismissed the revenue appeal.....

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