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

  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. 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

  5. Addition u/s 41 - Deferred sales tax liability being the difference between the payment of net present value against the future liability credited by the assessee under...

  6. 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...

  7. 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...

  8. Exemption to Government Companies u/s 129(6) of Companies Act, 2013 from recognizing Deferred Tax Assets/ Deferred Tax Liability under AS-22/Ind AS-12

  9. 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

  10. Remission of loan liability - waiver of the loan amount was a capital receipt not taxable as business income of the assessee - AT

 

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