Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Addition u/s 41 - conversion of unsecured loan from the sister ...

Income Tax

May 16, 2016

Addition u/s 41 - conversion of unsecured loan from the sister as gift by book entry - in the earlier years, interest paid to sister was claimed as deduction - whether remission / cessation of liability u/s 41(1) - Held No - AT

View Source

 


 

You may also like:

  1. 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

  2. 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

  3. 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

  4. Addition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - simply because husband has treated his loan as a gift to his...

  5. Addition u/s 68 - Since the assessing officer treated the unsecured loan as unaccounted received consequent interest was also disallowed. AO without any material...

  6. Addition u/s 41 - no allowance or deduction had been made in the assessment of the assessee in any earlier year - Consequently, there is no question of invoking section...

  7. 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...

  8. Remission / cessation of liability u/s 41(1) - CIT(A) was justified in deleting this addition because the amount stood remitted in the earlier year and not the current year - AT

  9. Addition made in the book profit u/s 115JB - claim of interest capitalized in earlier years written off during the current year - creation of provision for employee...

  10. Addition u/s 41(1) - waiver of unsecured interest free loans taken - since the assessee has not claimed any allowance or deduction in respect of the unsecured loan...

 

Quick Updates:Latest Updates