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loan wave off by bank.

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(Querist)
11 January 2011 whether loan from bank wave off by bank is profit for income tax purpose.
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Guest

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Guest (Expert)
11 January 2011 Yes, cessation of liability is imcome for incometax purpose
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 January 2011 The waiver amount of term loan availed by the assessee does not partake the character of assessable income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961

Citation :- Accelerated Freez & Drying Co. Ltd Vs. DCIT -ITA 971/Coch/2008 decided on 5/5/2009.
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Guest (Expert)
13 January 2011 Yes, I agree with Mr. Warrier to the extent of principal amount of loan.
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