Interest Income waived is not taxable or will not form part of income

Assessee in this appeal had taken resolution prior to the assessment year under consideration. There is no dispute that it was a decision of the assessee based on commercial consideration. Records of this appeal do not show any linkage or nexus between the assessee and its two borrowers.The interest income could not said to have had accrued for the appellant for the assessment year in the background of the resolutions taken for waiver of interes

Please become a Premium member. If you are already a Premium member, login here to access the full content.