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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Addition on account of cessation of liability of unsecured loan ...


No Trading Liability Found u/s 41(1) for Unsecured Loan; No Income Additions for Assessee.

August 23, 2016

Case Laws     Income Tax     AT

Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

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  1. 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...

  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(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

  4. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

  5. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

  6. Addition for the Term Loan taken waiver of secured loan - when the assessee had not claimed deduction under Section 36(1)(iii) of the Act for interest on loan and loan...

  7. The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer u/s 41(1) of the Income Tax Act. The provisions...

  8. Addition u/s 41(1)(a) - cessation of trading liability - the method of accounting, cash or mercantile, adopted by the assessee is also irrelevant as far as section 41(1)...

  9. Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4...

  10. The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to...

  11. 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...

  12. 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...

  13. Characterization of income - Capital or revenue receipt - Section 41(1) of the IT Act particularly deals with the remission of trading liability whereas in that case,...

  14. Addition u/s.41(1) - cessation of liability - The onus is on the Assessee to show that year of cessation is different. - addition made in respect of trading liabilities...

  15. Demand u/s 68 read with Section 41(1) - Trading liability - genuineness of the entities against whom trading liabilities have been shown - additions deleted - AT

 

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