Tag Archives: waived

Loan waived by Bank is Taxable

Issue: Whether the principal amount waived by the bank under the one time settlement is a taxable receipt covered within the definition of the term ‘income’ and taxable under Section 28(iv) of the Income Tax Act, 1961? Held_Yes Brief Facts: The assessee filed the Return of Income for the Assessment Year 2006-07 declaring the loss… Read More »