Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money
The Pune Tribunal in a recent judgement1 held that the waiver of loan in a one-time settlement with banks was subject to tax under the provisions of section 28(iv) of the Income-tax Act, 1961 (‘Act’) since the benefit was not in nature of cash or money and the assessee was unable to provide evidence that the loan was utilized for acquisition of fixed assets
