Old Unsecured Loans Not Taxable Without Actual Waiver: ITAT Delhi

DCIT Vs Global Emerging Markets India Ltd. (ITAT Delhi) Old Unsecured Loans Not Taxable u/s 28(iv) Without Waiver – ITAT Delhi Dismisses Revenue Appeal The Delhi Bench of the ITAT dismissed the Revenue’s appeal for AY 2015, holding that long-outstanding unsecured loans cannot be taxed as income under section 28(iv) merely on the presumption that they have become time-barred or are no longer payable. The Tribunal noted that the assessee had raised the loans in earlier years, continued to reflect them as liabilities in its balance sheet, and had not written them off in its books. The Assessi...