Supreme Court · 2018 INSC 409 · Decided 24 April 2018
The Commissioner v. Mahindra and Mahindra LTD. THRG. M.D.
- Court
- Supreme Court of India
- Citation
- 2018 INSC 409 · [2018] 3 S.C.R. 951
- Case number
- CIVIL APPEAL No. 6949/2004
- Decided
- 24 April 2018
- Bench
- R.K. AGRAWAL, ABHAY MANOHAR SAPRE (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28(iv), 41(1)
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. is received as cash receipt due to the waiver of loan - The very first condition 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
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