WHETHER WAIVER OF PRINCIPAL AMOUNT BY BANKS/FINANCIAL INSTITUTION IN ONE TIME SETTLEMENT IS TAXABLE AS INCOME IN CASE OF TEXTILE MANUFACTURING COMPANY. PLEASE QUOTE THE RELEVAnt case laws, IF ANY.
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Taxability of Principal waiver in Income tax
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KINDLY FOLLOW THE LINK BELOW.............THANX
https://www.itatindia.com/datafolder/flash/flashbn2711_3.htm
AND THIS ALSO.....
https://www.thehindubusinessline.com/2009/02/28/stories/2009022850090900.htm
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