Waiver of cash loan not income within the purview of section 28(iv)

Advertisement Seco Tools India Private Limited Vs ACIT (ITAT Pune) ITAT Pune held that waiver of cash loan by holding company is not income within the purview of section 28(iv) of the Income Tax Act. Accordingly, addition unsustainable. Facts- The assesse company was known by the name Drillco Hertel Limited. The company is a subsidiary of Kennametal Inc USA, which was holding 50% shares of the assessee company, whereas, Mr J.K.Khanna along with his family members was holding 50% shares of the assessee company as per the Joint Venture Agreement. For the relevant assessment year, Kennametal I...