Waiver of Principal Amount for Trading Purpose is Income of Assessee: ITAT Imposes Income Tax on Principal Amount [Read Order]

By Ipsita Das - On July 6, 2023 2:00 pm - 2 mins read

Waiver of Principal Amount for Trading Purpose is Income of Assessee - ITAT Imposes Income Tax on Principal Amount - ITAT - Income Tax on Principal Amount - Income Tax - Income of Assessee - Taxscan

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the waiver of the principal amount of Rs.14,89,99,689 which was taken for trading purposes and credited to the profit & loss account of the assessee, is considered as the income in the hands of the assessee and hence is taxable under Section 28(iv) of…

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