Contact us   Feedback   Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (4) TMI 131 - MADRAS HIGH COURT

2016 (4) TMI 131 - MADRAS HIGH COURT - TMI - Amount of loan waived - whether it does not constitute the income of the assessee in the context of Section 28[iv] - Held that:- The protection given to the British National by the agreement dated 26.06.2000, cannot be treated as a consideration. The Customs Department was not bound by such an undertaking given by the two Indian Nationals. At the most it was a promise on the part of the Indian Nationals to protect the British National against any clai .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r the Appellant : Mr. A. P. Srinivas For the Respondent : Mr. R. Kumar JUDGMENT (Judgment of the Court was delivered by V. Ramasubramanian, J) This Tax Case Appeal filed by the Revenue, was admitted on 11.07.2007 on the following questions of law:- [1] Whether in the facts and circumstances of the case, the Tribunal was right in holding that the amount of loan waived does not constitute the income of the assessee in the context of Section 28[iv] of the Act? [2] Whether in the facts and circumsta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

The British National brought in foreign funds to the tune of ₹ 2,95,00,000/-. After some time, the British National entered into an agreement with the other two persons, on 26.06.2000. Under the said agreement, the British National agreed to waive the loan amount that he advanced to the assessee Company in return for a promise that no liability arising out of non-fulfillment of export obligations should be fastened on him. 4. Considering the said term contained in the agreement to be a qui .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sion in ISKRAEMECO REGENT LIMITED Vs. COMMISSIONER OF INCOME TAX reported in [2011] 331 ITR 317 [Mad]. 6. Insofar as the decision in TVS Sundaram Iyengar and Sons Limited is concerned, the same arose out of admitted facts to the effect that the assessee itself treated the money as its own and took it to the Profit and Loss Account. Paragraph 23 of the said decision reads as follows:- 23 In the present case, the money was received by the assessee in course of carrying on his business. Although it .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version