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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Addition u/s 41(1) of the Income Tax Act - initially amount ...


Taxpayer's Unsecured Loans Reclassified as Income u/s 41(1) of Income Tax Act; Addition Confirmed.

November 20, 2013

Case Laws     Income Tax     AT

Addition u/s 41(1) of the Income Tax Act - initially amount shown as unsecured loans was treated as own money later on - additinos confirmed - AT

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  1. 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...

  2. Addition u/s 41(1) - waiver of unsecured interest free loans taken - since the assessee has not claimed any allowance or deduction in respect of the unsecured loan...

  3. Income from waiver of loan - income changeable to tax or not? - brought to tax under section 28(iv) of the Act or under section 41(1) - it is clear that in the case...

  4. 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

  5. The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change....

  6. Assessee's case remanded to Assessing Officer to consider taxability of loan waiver under One Time Settlement Scheme with bank. If loan was for trading purpose, waiver...

  7. 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...

  8. Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4...

  9. MAT computation - Additions u/s 41(1) - principal portion of the waived loan - a loan which is originally taken for capital expenditure, if waived, will not give rise to...

  10. Working capital loan in form of cash credit - waiver of loan - deemed income u/s 41(1) - held that:- even if we hold that Section 28(iv) of the Act is not applicable,...

  11. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

  12. The Assessing Officer disallowed depreciation claimed on Plant & Machinery to the extent of the External Commercial Borrowing (ECB) amount waived off during the previous...

  13. The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer u/s 41(1) of the Income Tax Act. The provisions...

  14. Cessation of liability u/s 41(1) - As per the explanation, the remission or cessation of any liability by a unilateral Act, is covered u/s.41(1) - additions confirmed - AT

  15. Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

 

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