Under Section 56(2)(X) of Income tax Act

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..... Under Section 56(2)(X) of Income tax Act
Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 28-2-2019 Last Reply Date:- 14-3-2019 Income Tax
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Income Tax
An individual .....

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..... has defaulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of ₹ 3.5 crores. Whether the sum o .....

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..... f ₹ 1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X) Reply By CASusheel Gupta: The Reply: Please refer to decision of Hon'ble Supreme Court in the case of Commissio .....

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..... ner v Mahindra and Mahindra Limited = 2018 (5) TMI 358 - SUPREME COURT where it was held not taxable in section 28(iv) and 41(1). As far as section 56(2)(x) is concerned, it talks of (1) any sum of .....

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..... money - waiver can be equated with money since actual money was received in the year of taking loan (2) received in previous year - At the most it can be taxed in the year in which the amount was rec .....

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..... eived. By the time it comes to notice of IT department, period of issue of notice u/s 148 ,must be over. CA Susheel Gupta 9811004443
Discussion Forum - Knowledge Sharing .....

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