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Income Tax - Highlights / Catch Notes

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Additions u/s 41(1) - the remission of principle amount of loan ...

Case Laws     Income Tax

November 19, 2013

Additions u/s 41(1) - the remission of principle amount of loan obtained from bank and financial institution had not been claimed as expenditure or trading liability in any of the earlier year, hence, section 41(1) was not applicable - AT

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  1. 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.

  2. The assessee received an unsecured loan of Rs. 1 crore from M/s Betala Investment Finance Ltd., which was later transferred to Lahoti Holding Ltd. due to a name change....

  3. 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...

  4. 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...

  5. 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...

  6. Addition u/s 41(1) - It is evident that obtaining of any benefit by the assessee in the form remission or cessation is sine qua non for invoking section 41(1). If the...

  7. 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...

  8. Addition on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he obtains by way of remission or cessation of a trading liability in...

  9. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

  10. 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...

  11. Addition u/s 41(1) - it is undisputed fact that the remission of liability would be only of the amount payable and not of the amounts paid by the assessee. These amounts...

  12. 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...

  13. Additions u/s 41(1) - Waiver of loan amount - The provisions of section 41(1) are attracted only if some trading liability is written back. - No addition can be made u/s...

  14. Addition u/s. 41(1) - deeemed cessations of creditors - The conduct of both the parties clearly demonstrates the remission of the amounts. The amounts which were...

  15. Addition u/s 41(1) - amount ceased to be a liability - The amounts paid as tax has not been obtained in 1995- 96 as the same had not been refunded. Until the amount of...

 

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