Addition u/s 41 - sick company - cessation of liability towards ...

Supreme Court Rules Loan Waiver for Capital Assets Not Taxable Under Income Tax Act Sections 41(1) or 28(iv.

June 22, 2022

Case Laws Income Tax AT

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 that, waiver of loan for acquiring capital assets cannot be treated as remission of trading liability and brought to tax u/s. 41(1) or u/s.28(iv) - AO has erred in assessing cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR u/s.41(1) of the Income Tax Act, 1961. - AT

View Source

← Previous Next →

Addition u/s 41 - sick company - cessation of liability towards ...

Supreme Court Rules Loan Waiver for Capital Assets Not Taxable Under Income Tax Act Sections 41(1) or 28(iv.

June 22, 2022

Case Laws Income Tax AT

You may also like:

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...

Working capital loan in form of cash credit - waiver of loan - deemed income u/s 41(1) - held that:- even if we hold that Section 28(iv) of the Act is not applicable,...

Addition u/s. 28(iv) - waiver of the outstanding principal amount of loan - amount used for the purchase of capital asset, the waiver thereof is a capital receipt not...

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...

MAT computation - Additions u/s 41(1) - principal portion of the waived loan - a loan which is originally taken for capital expenditure, if waived, will not give rise to...

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...

Waiver of capital loan under OTS is not taxable as revenue receipt u/s 28

Assessee's case remanded to Assessing Officer to consider taxability of loan waiver under One Time Settlement Scheme with bank. If loan was for trading purpose, waiver...

The Assessing Officer disallowed depreciation claimed on Plant & Machinery to the extent of the External Commercial Borrowing (ECB) amount waived off during the previous...

Taxability of income as a perquisite - waiver of loan by creditor - Section 28(iv) of the IT Act does not apply on the present case since the receipts are in the nature...

Taxability of Waiver of loan - loan advanced for acquisition of capital equipments - Revenue's first contention that the loan waived was availed towards working capital...

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...

Taxability of write back of 'Non-Plan Government Loans' claiming the same to be capital receipts not chargeable to income-tax - it could not be said that the assessee...

Addition u/s.41(1) - waiver of loan as taxable u/s.41(1) - The loan received is a capital receipt and it does not lose its capital nature even when it is renounced or...

Quick Updates: