Addition u/s 41(1) - Principal amount waived off by the bank ...

Income Tax

July 13, 2022

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 above said purpose, which are on the capital front and when the same is written off during the year on a one time settlement, it is nothing but capital receipt and not a revenue receipt. - Not taxable - AT

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Addition u/s 41(1) - Principal amount waived off by the bank ...

Income Tax

July 13, 2022

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