The assessee  entered into a one time settlement (OTS) with banks whereby portion of interest charged by bank and part of principal amount stood waived off. Assessee offered interest on waived loan to tax however treated principal amount of loans as capital receipts. The Assessing Officer held that the waiver of loan is taxable. The CIT(A) up held the order of the Assessing Officer. The Tribunal remanded to the Assessing Officer. On miscellaneous application the Tribunal held that waiver of principal amount of working capital loan was liable to be assessed under section 41(1) of the Act. On writ the Court held that the  provision of  section 41(1) cannot be applied. The Court also held that  the amendment to section 28 is made Finance Bill, 2023.  Court held that  the  nature of loan would be of no relevance and waiver of loan in instant case would not satisfy test to make it taxable under section 28(iv) of the Act.    Amendment to section 28 vide Finance Act, 2023, wherein legislature included ‘benefit’ in form of ‘cash’ arising from business or profession as income chargeable to tax, would reveal that ‘benefit’ in form of ‘cash’ would fall outside ambit of section 28(iv) of the Act. Accordingly the  order of Tribunal dismissing the miscellaneous application is set aside. High Court  directed the Tribunal to reconsider the application. Court also held that the  whether writ petition can be entertained or not it is with the   discretion of the Court. Referred, CIT v. Mahindra and Mahindra [2018]255 Taxman 305/  404 ITR 1 (SC)  (AY. 2006-07)