Waiver of Debentures Not Taxable; Set-off of Losses Must Be Allowed – ITAT Pune

Mithi Software Technologies Private Limited Vs ITO (ITAT Pune)

Waiver of Debentures Not Taxable; Set-off of Losses Must Be Allowed — ITAT Pune

The Pune Bench of the ITAT allowed the assessee-company’s appeal for AY 2014-15, holding that waiver of non-convertible debentures of ₹75 lakh is a capital receipt not chargeable to tax, and further directed allowance of set-off of brought-forward business losses and unabsorbed depreciation.

On the first issu

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