waiver of interest & loan
This query is : Resolved
28 March 2011
Please suggest whether waiver of interest and loan amount is to be treated as income and if yes under which section?
28 March 2011
other income
28 March 2011
The waiver amount of term loan is not income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961.
Citation :- Accelerated Freez & Drying Co. Ltd.V.DCIT,(Coch-Tri) - Decision dated May 5, 2009.
Citation :- Accelerated Freez & Drying Co. Ltd.V.DCIT,(Coch-Tri) - Decision dated May 5, 2009.
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