Assessing Officer held that loan given by Government to assesse company was waived off and he opined that waiver of principal amount would be considered as income falling under section 28(iv) being benefit arising for business of assessee and, accordingly, said amount was to be treated as income of assessee for year under consideration and taxable under sections 41(1) and 28(iv) of the Act.  Tribunal held that since entire sum represented principal amount payable to Government and no part thereof comprised of waiver of any interest liability, it was not chargeable to tax either under section 41(1) or under section 28(iv) of the Act. High Court affirmed the order of the Tribunal.  (A.Y. 2003-04)