Dismissing the appeal of the revenue the Court held that , Loan waiver cannot be assessed as cessation of liability if the assessee has not claimed any deduction . High Court observed that the Honourable Supreme Court in CIT v Mahindra & Mahindra Ltd ( 2018) 404 ITR 1 ( SC) \u00a0held that , on a plain reading of S.28(iv) of the Act , it appears that for the applicability of said provision , the income which can be taxed shall arise from the business or profession . Also on order to invoke this provision , the benefit which is received has to be in some other from rather than in the safe of money. If that is because of the remission loan liability , then , this section would not be attracted . ( ITA No. 431 of 2016 dt. 21-08-2018) ( AY.2008-09) (Arising from , ITA No .6211 \/ Mum\/ 2011 dt. 17-06-2015).\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 28(iv) : Business income – Profits chargeable to tax – Remission or cessation of trading liability – Loan waiver cannot be assessed as cessation of liability if the assessee has not claimed any deduction [ S.41(1)]<\/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":[1],"tags":[],"class_list":["post-3476","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-U4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3476","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=3476"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3476\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}