Loan Waiver due to one time settlement cannot be termed as revenue receipt

PCIT Vs Vibhadeep Investment & Trading Ltd. (Bombay High Court) In the given case, Revenue has challenged the order passed by the ITAT. Here issue under consideration is that, whether, waiver off loan on account by the lender on account of one time settlement of loan can be termed as revenue receipt or not? In the given case the loan was acquired for acquisition/investment of capital assets. The Commissioner of Income Tax (Appeals) and the Tribunal followed the decisions of this Court in the case of Mahindra and Mahindra Ltd. vs. CIT which has now been upheld by the Apex Court in Commissio...