One-Time Settlement of Debt by Bank not Perquisite from Business If Loan granted to Assessee was a Separate Transaction: ITAT [Read Order]

The Ludhiana bench of the ITAT has held that the one-time settlement of debt by the bank cannot be treated as perquisite from the business under section 28(iv) of the Income Tax Act, 1961 if such loan granted to the assessee was a separate transaction. Assessee is a Proprietor of M/s Mack Hosiery, which concern […]

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