Waiver of loan taken for acquiring a capital asset is taxable

Issue:– Whether  waiver of principal amount would constitute income falling under section 28(iv) of the Income Tax Act being the benefit arising for the business?

Held by ITAT: Tribunal held in para 12 of its order that the term loan had admittedly been used by the assessee for acquiring capital assets. Therefore, the Tribunal followed the decision of this Court in Iskraemeco Regent Limited v. CIT (2011) 196 Ta

Please become a Premium member. If you are already a Premium member, login here to access the full content.