Waiver of Loan for Acquiring Capital Assets cannot be taxed as Perquisite u/s 28(iv) of Income Tax Act :ITAT [Read Order]

By Aparna. M - On November 10, 2023 7:45 am - 2 mins read

Waiver - Waiver of Loan - Capital Assets - Waiver of Loan for Acquiring Capital Assets - Perquisite - Income Tax Act - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench held that waiver of loan for acquiring capital assets could not be taxed as perquisite under Section 28(iv) of the Income Tax Act, 1961. The Revenue filed the appeal against the order of the CIT(A) by deleting the addition of Rs.3,70,00,000/- made by the Assessing Officer (AO)…

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Topics

Assessing Officer Capital Assets CIT(A)ITAT Delhi section 28(iv) of the Income Tax Act Supreme Court