The Jt. Commissioner of Income Tax(OSD), Circle-5, Pune vs M/s. Runwal Realtors Pvt. Ltd (ITAT Pune)

Court: ITAT Pune
Head Notes:

Amount waived off by Investors i.e. Holders of Floating Rate Notes (FRNs) issued by Assessee Company to raise funds through External Commercial Borrowings (ECB), resulting into redemption of FRNs at a discounted rate below face value, is not taxable as income u/s 28(i), 28(iv) or under section 41(1) of Income Tax Act, 1961.

Law:
Section(s): 28(i) 28(iv) 41(1)
Counsel(s): CA Sanket Joshi
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Uploaded By N.Dixit
Date of upload: April 29, 2023

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