Home Highlights December 2014 Year 2014 This

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1. 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...

2. 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...

3. Taxability of Waiver of loan - loan advanced for acquisition of capital equipments - Revenue's first contention that the loan waived was availed towards working capital...

4. 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...

5. Addition u/s 69A - loan transaction treated as an income unexplained - the assessee has recorded the impugned transactions in the books of accounts and has also provided...

6. 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...

7. Characterization of income - cash receipt due to waiver of loan by the state government - whether in the nature of subsidy - to be treated as benefit / perquisite u/s...

8. Additions u/s 41 (deemed incomed) - waiver of loan - Floating Rate Notes - To be treated as loan for business purpose or for purchase of capital asset - AO has mentioned...

9. 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...

10. Unexplained cash credits u/s 68 - There is no justification in treating the loans raised by the assessee from the said companies as unexplained cash credits u/s 68 -...

11. Waiver of the loan - Deemed income either u/s.28(iv) or under Section 41(1) - In the absence of any particulars pertaining to the previous years books of accounts, it is...

12. Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

13. Taxability of amount of loan waived by the financial institution on account of one time settlement - income either u/s. 28(iv) or u/s. 41(1) - Taking support from the...

14. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

15. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...