Principal amount taken for trading purpose when waived off results in income

Share Microfin Ltd Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that waiver of the principal amount, which was taken for trading purpose, which is credited to the profit & loss account results in income in the hands of assessee and accordingly taxable. Facts- During the course of assessment proceedings, the AO noted from the computation statement that the assessee company has claimed an amount of Rs.14,89,99,689/- as gain in One Time Settlement (OTS) of the term loan borrowings and reduced the same from computation. From the details furnished by the assessee, he noted that the assessee com...