Allowing the appeal of the assessee the Court held that, waiver of principal component of deposits and debentures is capital receipts hence not liable to tax. (AY. 2007-08, 2008-09)
Manipal Sowbhagya Nidhi Ltd. v. Dy.CIT (2019) 112 taxmann.com 325 (Karn.)(HC) Editorial : SLP of revenue is dismissed Dy.CIT v. Manipal Sowbhagya Nidhi Ltd. (2019) 112 taxmann.com 326 / (2020) 268 Taxman 329 (SC)
S. 4 : Charge of income-tax-Capital or revenue-NBFC- Waiver of principal component of deposits and debentures-Capital receipts not liable to tax. [S. 28(i)]