Addition on account of remission of loan - Section 41(1) of the ...

Case Laws Income Tax

January 31, 2020

Addition on account of remission of loan - Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii)

View Source

← Previous Next →

Addition on account of remission of loan - Section 41(1) of the ...

Case Laws Income Tax

January 31, 2020

You may also like:

Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

Addition for the Term Loan taken waiver of secured loan - when the assessee had not claimed deduction under Section 36(1)(iii) of the Act for interest on loan and loan...

Characterization of income - Capital or revenue receipt - Section 41(1) of the IT Act particularly deals with the remission of trading liability whereas in that case,...

Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held...

Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or...

Addition u/s. 28(iv) - waiver of loan - value of benefit arising from business of the assessee - the assessee has received loan from certain parties for the purpose of...

Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

Waiver of loan amount - when a portion of the loan is waived, the total amount of loan shown on the liabilities side of the balance sheet is reduced and the amount shown...

Addition u/s. 28(iv) - waiver of the outstanding principal amount of loan - amount used for the purchase of capital asset, the waiver thereof is a capital receipt not...

Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of...

Cessation of liability u/s 41(1) - Notice issued u/s 133(6) could not be served upon the creditors - while the assessee has continued to declare the trading liability in...

Addition u/s 41(1)(a) - cessation of trading liability - the method of accounting, cash or mercantile, adopted by the assessee is also irrelevant as far as section 41(1)...

Addition u/s 41 - remission or cessation of liability - when the software library was capitalized, it cannot be said that any benefit or remission or cessation of...

Taxability of income as a perquisite - waiver of loan by creditor - Section 28(iv) of the IT Act does not apply on the present case since the receipts are in the nature...

Quick Updates: