Waiver of Loan for Acquiring Capital Assets cannot be taxed as a Perquisite u/s 28 (iv) of Income Tax Act: ITAT [Read Order]
The waiver of a loan used for acquiring capital assets cannot be taxed as a perquisite under Section 28(iv) of the Income Tax Act since the receipt in the hands of the assessee is in the form of money
In a recent ruling the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that the waiver of loan for acquiring capital assets cannot be taxed as a perquisite under Section 28 (iv) of Income Tax Act, 1961. The brief facts are that the assessee company had excluded the foreign exchange gain…
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