Disallowance in respect of waiver of interest on Government of ...

Income Tax

January 19, 2019

Disallowance in respect of waiver of interest on Government of India Loan - guarantee fee of LIC, u/s 41(1) - the stand of the department in earlier years is that the same is covered u/s 43B and therefore not allowable - Therefore, addition on account of Section 41(1) does not sustain.

View Source

← Previous Next →

Disallowance in respect of waiver of interest on Government of ...

Income Tax

January 19, 2019

You may also like:

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...

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...

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...

Disallowance u/s 40 (a) (iib) - payment of Gallonage Fee, Licence fee, Shop rental (Kist) and Surcharge on Sales Tax - the levy of Gallonage Fee with respect to the...

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...

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...

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...

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...

Nature of expenditure - claim of guarantee fees - The guarantee fees is directed to be allowed as revenue expenditure, subject to verification by the AO of the...

Waiver of loan cannot be brought into tax net considering the fact that the waiver condition was not fulfilled during this AY and cannot be recognized as income u/s 41 - AT

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.

Disallowance on interest u/s. 36(1)(iii) - AO has compared the payment of interest @ 12%/15% on the unsecured loan obtained by the assessee with the interest amount...

Disallowance u/s 14A r.w.r. 8D - interest paid by the assessee on LIC loan - Investment in partnership firm by the partner out of loan taken from LIC - it is case of the...

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...

Addition u/s 41(1) - interest waived by the Bank - The appellant contended that the waiver of liability by the bank should not be chargeable to tax under Section 41(1)...

Quick Updates: