Supreme Court of India
The Commissioner v. Mahindra and Mahindra Ltd. Thrg. M.D.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income Tax Act, 1961 – ss. 28(iv) and 41(1) – Waived of loan amount, taxability – Sum of Rs. 57,74,064/- due by assessee to a Company – Later on waiver of loan by creditor-lender – Whether taxable as a perquisite u/s. 28(iv) or taxable as a remission of liability u/s. 41(1) – Held: Amount of Rs. 57,74,064/- is rece ived as cash receipt due to the waiver of loan – The very first conditi on of s. 28 (iv) that any benefit or perquisite arising from the business shall be in the form of benefit or perquisite other than in the shape of money, is not satisfied – Hence, the amount of Rs 57,74,064/ -
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