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Income Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

Preponement of deferred sales tax loan chargeable u/s 41(1) or ...

Income Tax

November 25, 2014

Preponement of deferred sales tax loan chargeable u/s 41(1) or not – deferred sales tax liability is capital receipt not taxable - AT

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  1. Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

  2. Where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1)...

  3. Addition on account of profit on pre-payment of deferred sales tax loan liability - claimed by the assessee as capital receipt - It is capital receipt and is not taxable...

  4. Gain on Assignment of Loan Obligation - whether constitutes ''income" chargeable to lax - assessee has assigned the loan by paying the present value of future liability...

  5. Remission of Loan Liability - sales tax payable by appellant was converted into loan - the same has been held to be a capital receipt - not taxable - AT

  6. 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...

  7. Surplus arising on prepayment of deferred sales tax loan at net present value (NPV) - Whether a capital receipt which cannot be termed as remission on cessation of a...

  8. Addition u/s 41 - Deferred sales tax liability being the difference between the payment of net present value against the future liability credited by the assessee under...

  9. 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.

  10. 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

 

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