Loan waived off under one-time settlement couldn’t be taxed as income where no deduction claimed in earlier years

INCOME TAX : Where assessee claimed that loan amount waived off by bank under one time settlement scheme was not taxable under section 28(iv) as it was not a trading liability and assessee had not claimed any deduction on said amount in earlier year, since assessee failed to produce any details so as to show that how such loan amount was treated in its account in previous year and bank also did not supply any information in this regard, matter was to be remanded

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