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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Remission of loan liability - waiver of the loan amount was a ...

Income Tax

July 25, 2015

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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  1. 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

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

  3. Waiver of loan amount - when a portion of the loan is waived, the total amount of loan shown on the liabilities side of the balance sheet is reduced and the amount shown...

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

  5. Characterization of income - Capital or revenue receipt - Section 41(1) of the IT Act particularly deals with the remission of trading liability whereas in that case,...

  6. Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or...

  7. 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.

  8. Construction services – nature of receipt - advance or loan - the appellant’s, have made out a prima facie case for waiver of the pre-deposit of amounts involved - AT

  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. 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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