Benefit arising on one time settlement of loans isn’t remission of liability; out of ambit of sec. 41(1)

INCOME TAX : Where in terms of one time settlement, creditor bank waived off principal amount of loan payable by assessee, said amount could not be brought to tax under section 41(1) because assessee never claimed same as deductible expenditure in earlier assessment years

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000194772/benefit-arising-on-one-time-settlement-of-loans-isn’t-remission-of-liability-out-of-ambit-of-sec-411.aspx