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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Taxability of Waiver of loan - loan advanced for acquisition of ...

Income Tax

February 2, 2024

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 - whether waiver of loan attributable for the working capital was taxable under Section 28 (iv)? - Hon'ble Single Judge had remitted the matter to ITAT for reconsideration - Division Bench of High Court dismissed the revenue appeal.

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

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

  3. Construction services – nature of receipt - advance or loan - the appellant’s, have made out a prima facie case for waiver of the pre-deposit of amounts involved - AT

  4. Waiver of loan amount - when a portion of the loan is waived, the total amount of loan shown on the liabilities side of the balance sheet is reduced and the amount shown...

  5. 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...

  6. 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...

  7. Foreign exchange gain on “Long Term Loan and Advance” be a capital accretion, should not be considered as taxable income.

  8. Article by the Union Finance Minister on ‘The Fiction of Loan Waiver to Capitalists’

  9. 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

  10. 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...

 

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