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ITAT Ludhiana: One-Time Settlement Debt Not Advantageous if Loan Granted Was Separate Transaction - (18 Jun 2019)


Income Tax Appellate Tribunal (ITAT Ludhiana) has observed that the one-time settlement of debt by the bank cannot be treated as beneficial from the business under Section 28(iv) of the Income Tax Act, 1961 if such loan granted to the Assessee was a separate transaction.


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