Waiver of loan not taxable u/s. 28(i) as it is not a business income

Advertisement JCIT Vs Runwal Realtors Pvt. Ltd. (ITAT Pune) ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income. Facts- The Assessing Officer(AO) in the assessment order held that the amount of waiver of loan of Rs.143,71,02,0038/- was taxable under section 28(i) and 28(iv) and 41(1) of the Act. Aggrieved by the order of the AO, the assessee filed appeal before the ld.CIT(A). However, ld. CIT(A) allowed the same. Being aggrieved, the present appeal is filed by the revenue. Conclusion- Held that the AO has mentioned...