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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Waiver of loan cannot be brought into tax net considering the ...

Income Tax

April 29, 2016

Waiver of loan cannot be brought into tax net considering the fact that the waiver condition was not fulfilled during this AY and cannot be recognized as income u/s 41 - AT

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  1. 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...

  2. 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.

  3. 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...

  4. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

  5. Addition u/s 41 - difference between the sales-tax loan amount and the amount paid on Net present value basis under the sales-tax deferral scheme of Maharashtra...

  6. 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...

  7. Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of...

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

  9. Addition u/s 41(1) of the Income Tax Act - initially amount shown as unsecured loans was treated as own money later on - additinos confirmed - AT

  10. 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...

 

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