Principal amount of loans waived off by the financial ...

Case Laws Income Tax

August 1, 2015

Principal amount of loans waived off by the financial institutions / banks - Loan amount had been taken for the purchase of machinery / fixed assets being on capital account and not on trading account would not be hit by Section 41(1) r.w. section 28(iv) of the Act - HC

View Source

← Previous Next →

Principal amount of loans waived off by the financial ...

Case Laws Income Tax

August 1, 2015

You may also like:

When a loan which is the term loan is waived by a financial institution, then it shall not treated as income in the hands of the assessee; whereas if working capital...

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...

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...

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.

Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

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...

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...

Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

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...

Addition towards loans waived off - If on an enquiry and verification, it transpires that the assessee had utilized the loan for the purpose of its business activity or...

Amount of loan waived - whether it does not constitute the income of the assessee in the context of Section 28[iv] - Once the loan is written off and the person writing...

The Corporate Debtor denied the existence of a loan agreement with 12% interest, as claimed by the Financial Creditor in the Section 7 application. To qualify as a...

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...

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...

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...

Quick Updates: