From: MAPSV ASSO <mapsvasso@gmail.com>
Date: Fri, Mar 1, 2013 at 11:56 AM
Date: Fri, Mar 1, 2013 at 11:56 AM
Cessation of liability to repay loan did not result in to revenue receipt and also ,
the same are not taxable u/s 41 also not taxable u/s 28 as resulting benefit not
in kind but in cash or money terms
Ref : CIT v/s Xylon Holdings (P) Ltd. (2013) 49 (I) TCL 53 (Bom-HC)
Mahindra & Mahindra Ltd. V/s CIT (2003) 261 ITR 501(Bom).
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