Tribunal held that the assessee has not claimed any deduction\u00a0 in respect loans in any of the earlier assessment years\u00a0 hence provision of S.41(1) cannot be invoked . The Tribunal also held that to invoke the provisions of S.28(iv)\u00a0 the assessee should receive any benefit or perquisite other than cash or money . As the assessee received\u00a0 the benefit on account of\u00a0 waiver of loan which is in the form of cash S. 28(iv) cannot be invoked . Relied on CIT v. Mahindra and Mahindra Ltd ( 2018) 404 ITR 1 (SC)\u00a0 ( ITA No. 606\/Viz\/ 2018 dt 5-6 -2020 ) ( AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Waiver of loan is neither taxable u\/s 41(1) nor u\/s 28(v ) of the Act .[ S.28 (v) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14538","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Mu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14538"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14538\/revisions"}],"predecessor-version":[{"id":14539,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14538\/revisions\/14539"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}