Alerts & Updates 29th Aug 2018

ELP Tax Alert: SC upholds waiver of loan acquired for capital purposes not a perquisite under section 28(iv) nor cessation of a trading liability under section 41(1)

Latest Thought Leadership

Investment Funds
Alerts & Updates 29th Jul 2026

IFSCA Informal Guidance Addresses Use of PSP Payment Accounts for Fund Subscriptions and Redemptions

Read More
Alerts & Updates 29th Jul 2026

Labour and Employment – Recent Judicial Developments

Read More
Investment Funds
Alerts & Updates 29th Jul 2026

The India-Mauritius DTAA Protocol and the Principal Purpose Test: Treaty Entitlement, Substance and the Post-2017 Investment Landscape

Read More
international trades
Alerts & Updates 24th Jul 2026

USTR Finalises Section 301 Forced Labour Tariffs

Read More

Recently, the Hon’ble Supreme Court (‘SC’) in the case of M/s Mahindra and Mahindra Ltd has ruled regarding the taxability of waiver of a loan acquired for capital purposes under section 28(iv) and section 41(1) of the Income Tax Act, 1961 (‘Act’). SC held that waiver of loan acquired for capital purposes is neither a perquisite under section 28(iv) nor cessation of a trading liability under section 41(1) of the Act.

Read more

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.