Held that by issuing the notes, the assessee had raised a loan. Since the difference (between the amount due and the amount finally settled) constituted a waiver of loan, section 28(iv) of the Act would not apply as it was not a benefit or perquisite other than in the shape of-money. For section 41(1) of the Act to apply, there should have been an allowance or deduction claimed by the assessee in respect of any loss, expenditure or trading liability incurred by the assessee. Then, subsequently, if during any previous year the creditor remitted or waived any such liability, the assessee would be liable to pay tax. Section 41(1) of the Act too would thus not apply. The amount in the case at hand was a loan and not a trading liability. Section 28(i) of the Act would not apply as the assessee was not in the business of lending and borrowing but was in the business of construction, and waiver of the loan would not constitute business income of the assessee. Considering that the repayment of the loan was not allowed as a deduction in computing the assessee’s income, the waiver of the loan could not be business income taxable under section 28(i) of the Act.(AY. 2014-15)