Written off of balance principal and interest amount of loan be ...

Income Tax

April 21, 2016

Written off of balance principal and interest amount of loan be treated as income in the hands of the assessee within the meaning of section 28(iv) of the Act, since the loan was taken by the assessee for business purpose during the course of regular business operation - AT

View Source

← Previous Next →

Written off of balance principal and interest amount of loan be ...

Income Tax

April 21, 2016

You may also like:

Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

Amount of loan waived - whether it does not constitute the income of the assessee in the context of Section 28[iv] - Once the loan is written off and the person writing...

Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

Interest on term loan due from Joint Venture Companies - assessee claimed that the debt is already bad - the AO has noted that the assessee has not written off the loans...

Exclusion of bad debts as sundry balances written off from the operating expenses on the ground that the same relates to domestic sales - AT

No interest accrues when the principal amount of loan itself becomes doubtful. - AT

MAT computation - Provision for bad and doubtful debts - If, at the end of the year showing the loans and advances on the asset aside of the balance sheet as net of the...

Addition of debit balance written off - trade advance which is written off as irrecoverable and so to be treated as a business loss - first prove that the advances were...

Addition u/s 41(1) - Principal amount waived off by the bank which was utilized for trading activity is capital amount - Since loans have been actually utilized for the...

Quick Updates: