Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan
Finance Act, 2023 had amended the provisions of section 28(iv) of the Incometax Act, 1961 (‘the Act’) w.e.f. 01 April 2024 by including benefit or perquisites arising from business in form of cash or in kind or partly in cash and partly in kind thereby expanding the scope of existing provisions
