The Supreme Court of India recently issued a judgment concerning whether a loan waiver can be considered taxable business income for the borrower. The case involved Mahindra and Mahindra Ltd. (Mahindra), which had entered into an agreement with Kaiser Jeep Corporation (KJC) for the purchase of dies, welding equipment, and die models (toolings) for the production of certain Jeep models. As part of the agreement, KJC granted a loan to Mahindra, the principal amount of which was subsequently wa…