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Waiver of loan not taxable as perquisite u/s 28(iv) if receipts were in nature of cash: Apex Court

May 2, 2018[2018] 93 32 (SC)

IT: Waiver of loan for acquiring capital assets cannot be taxed as perquisite under section 28(iv) as receipt in hands of debtor/assessee are in form of cash/money and it also cannot be taxed as a remission of liability under section 41(1) as waiver of loan does not amount to cessation of trading liability

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