Home Highlights February 2015 Year 2015 This

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1. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

2. Unsecured loan received from the directors - Additions u/s 68 - The explanation offered by the assessee that the bank account and the capacity of the creditor who have...

3. Transaction value - Valuation (Customs) - Special or abnormal discount to the related buyers which were in excess of 3% discount - The Appellate Tribunal observed that...

4. Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

5. Credit Card Services - Merchant Establishment Discount (ME discount), by whatever name called, representing amounts retained by an acquiring bank from out of amounts...

6. 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.

7. Exclusion of appellant from the Committee of Creditors (CoC) - The Resolution Professional deemed Rare ARC (appellant) akin to a related party, thus ineligible for CoC...

8. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

9. Waiver of pre deposit - differential interest - It was taken note of by the Revenue that appellants grant loans to the borrowers and build portfolio of loan. These...

10. 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...

11. The Reserve Bank of India (RBI) issued Circular, addressing Scheduled Commercial Banks, Primary (Urban) Cooperative Banks, State Cooperative Banks, and Exim Bank...

12. External Commercial Borrowings (ECB) – Repayment of Rupee loans - Circular

13. Section 43B of the Income Tax Act disallows certain deductions for unpaid statutory dues like interest, tax, duty, etc. The key points are: Unpaid interest on loans from...

14. External Commercial Borrowings (ECB) Policy – Non-Banking Financial Company – Infrastructure Finance Companies (NBFC-IFCs) - Circular

15. External Commercial Borrowings (ECB) Policy – ECB by Small Industries Development Bank of India (SIDBI) - Circular