Question ID : 38001

section 56(2)(X) of income tax

An individual has defaulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of Rs.3.5 crores. Whether the sum of Rs.1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X)

posted by Ethirajan on Feb 25 2019 12:00AM