Loan amount waived by the bank is taxable income or not?

Kothari International Trading Limited Vs ACIT (Madras High Court) The only point to be decided herein is whether the loan amount waived by the bank is taxable income or not. As already stated, in the decision referred by the learned counsel for the appellants in the case of CIT Vs. Mahindra and Mahindra, the assessees have submitted entire records and books of accounts. Therefore, from the facts, the Tribunal found that the loan amount has been shown in the Balance Sheet under the head “Loans-unsecured”, and hence, could not be brought to tax as it represents the waiver of a loan liability...