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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Addition u/s. 28(iv) - waiver of the outstanding principal ...

Income Tax

May 7, 2016

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 chargeable to tax under section 28(iv) - disallowance under section 28(iv) restricted to the loan waiver which has been used for trading activity - AT

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  2. 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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  5. 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...

  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. Principal amount of loans waived off by the financial institutions / banks - Loan amount had been taken for the purchase of machinery / fixed assets being on capital...

  8. 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...

  9. Cessation of loan liability - Addition u/s 28 - at no point of time before the authorities under the Act, was it the Revenue’s case that the waiver of loan should be...

  10. 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...

 

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