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Archive: 20 May 2016

Posts in 20 May 2016

Waiver of loan taken for acquiring a capital asset is taxable

May 20, 2016 4348 Views 0 comment Print

The waiver of a portion of the loan would certainly tantamount to the value of a benefit. This benefit may not arise from the business of the assessee. But, it certainly arises from business. The absence of the prefix “the” to the word “business” makes a world of difference.

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