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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Cessation of loan liability - waiver of loan taken for purchase ...

Income Tax

September 28, 2013

Cessation of loan liability - waiver of loan taken for purchase of assets - OTS – it does not amount to a benefit arising out of business and it is also not even remission of the liability, which could attract Section 41(1) of the Act - HC

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  2. Waiver of capital loan under OTS is not taxable as revenue receipt u/s 28

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  6. Remission of loan liability - waiver of the loan amount was a capital receipt not taxable as business income of the assessee - AT

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  8. 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

  9. Cessation of liability to repay the loan taken was not for the purpose of purchase of capital asset and therefore, the liability to repay the loan was taxable u/s 41(1)...

  10. 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...

 

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