There exist no provision in section 56(2)(v) of IT Act to treat loans, which may not be repaid, as income of assessee

ITAT, MUMBAI BENCHES `C’ Chandrakant H. Shah Vs. ITO Appeal No. ITA NO. 3966/MUM/2008 Dated:  12.01.2008 RELEVANT PARAGRAPHS : 11. We have considered the submissions made by both the parties, material on record and orders of the authorities below. It is noted that the assessee is an individual and aged about 50 years. The assessee has income from salary and other sources both aggregating to Rs. 2.62 lakhs. It is also noted that the assessee was received salary from M/s Nav Bharat Education Society where he is working as a senior clerk. It is also noted that he has received a sum of Rs. ...