Allowing the appeal of the assessee the Tribunal held that, the very language of the S. 28(iv) speaks about the value of any benefit or perquisite arising from business or exercise of a profession. Now considering the facts and circumstances of the case, though, the loan was taken for the purpose of business but the same was never taken in the course of business or to say that the loan sourced was not linked to the trading receipts or the like. Similarly the waiver of the loan amount was not in the course of business or in exercise of a profession. A part of the amount was waived by the bank in a one-time settlement because there were little chances of recovery of the entire amount. This one-time settlement was not done as part of the business activity of the assessee, rather, the transaction of the loan and waiver was a separate transaction. Under the circumstances, the waiver of part of the loan amount cannot be said to be a benefit or perquisite arising from business or profession to the assessee.   Tribunal also held that, waiver of loan amount, which was not claimed as deduction by assessee in earlier years, would not amount to cessation of trading liability. Waiver of loan amount could not be said to be without consideration. Accordingly provisions of S.  56(2)(vi) could not be applicable. (AY. 2007-08)