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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Cessation of liability to repay the loan taken was not for the ...

Income Tax

April 21, 2016

Cessation of liability to repay the loan taken was not for the purpose of purchase of capital asset and therefore, the liability to repay the loan was taxable u/s 41(1) in the hands of the assessee - AT

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  1. Taxation on cessation of liability to repay a loan - the cessation of liability to repay a loan taken to purchase a capital asset does not result in a revenue receipt. -...

  2. 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...

  3. 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.

  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. Cessation of loan liability - waiver of loan taken for purchase of assets - OTS – it does not amount to a benefit arising out of business and it is also not even...

  6. Additions u/s 41(1) - cessation of liabilities - written off / remitted liabilities - the claim has been filed before BIFR and therefore the same cannot be considered to...

  7. Addition made u/s 2(22)(e) - The loan or advance taken from the company may have been ultimately repaid or adjusted but that will not alter the fact - additions confirmed - AT

  8. Long Term Capital gain computation - interest capitalized to cost of asset - It is not in dispute that the property was acquired by a borrowed capital initially borrowed...

  9. Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

  10. 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

 

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