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Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Addition on account of profit on pre-payment of deferred sales ...

Income Tax

March 8, 2017

Addition on account of profit on pre-payment of deferred sales tax loan liability - claimed by the assessee as capital receipt - It is capital receipt and is not taxable u/s. 41(1) - AT

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  2. Remission of deferred sales tax liability - deferred sales tax liability will not be chargeable to tax as business income of the assessee - AT

  3. Where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1)...

  4. Addition on account of deferred tax liability - The deferred tax liability was never an item of expenditure in the profit and loss account. Therefore, there is no...

  5. Recognizing Deferred Tax Assets/ Deferred Tax Liability under AS-22/Ind AS-12 - Exemption to specified Government Companies u/s 129(6) of Companies Act, 2013 - Condition...

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  7. Remission of Loan Liability - sales tax payable by appellant was converted into loan - the same has been held to be a capital receipt - not taxable - AT

  8. Service Tax Liability on SIM Cards / Pre paid Cards – payment of service tax by the BSNL (i.e service recipient) - demand set aside. - AT

  9. 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.

  10. 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

 

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