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waiver of interest & loan

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28 March 2011 Please suggest whether waiver of interest and loan amount is to be treated as income and if yes under which section?

28 March 2011 other income

28 March 2011 The waiver amount of term loan is not income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961.
Citation :- Accelerated Freez & Drying Co. Ltd.V.DCIT,(Coch-Tri) - Decision dated May 5, 2009.




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