CA SUNNY AGGARWAL (Tax Consultant) 30 April 2015
A person gave interest free loan of Rs.1.5 Crore to another person on 05.04/2014. After some time on 15.04.2014 he decided to waive the loan. Now please explain what can be the consequenses of this transaction for both of the persons under Income Tax Act, 1961. Please also mention any judicial judgement on this case, if any.