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Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Addition of principal amount of loan waived by the lender on ...

Income Tax

October 15, 2016

Addition of principal amount of loan waived by the lender on account of one time settlement of loan - AO was not correct in taxing the aforesaid waiver of loan by treating the same as revenue receipt - AT

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  1. 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...

  2. Loan waived by the banks in favour of the respondent assessee in one time settlement - whether the principal amounts of loans retained by the assessee on account of one...

  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 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...

  5. Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - Additions u/s 41(1) - one time settlement with the SBI - Bank has waived a sum including interest - assessee...

  6. Addition u/s 28(iv) r.w. section 41 r.w. explanation 2(iv) – the amount waived by the lender bank is not an income u/s 2(24) of the Act and further Section 28 also does...

  7. Nature of receipt - one time settlement arising out of waiver of dues of term loan by the lender - Revenue or capital receipt - The waiver of the principal amount which...

  8. 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...

  9. Taxability of amount of loan waived by the financial institution on account of one time settlement - income either u/s. 28(iv) or u/s. 41(1) - Taking support from the...

  10. 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...

 

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