Home Highlights February 2019 Year 2019 This

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1. Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - Additions u/s 41(1) - one time settlement with the SBI - Bank has waived a sum including interest - assessee...

2. 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...

3. 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...

4. 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...

5. Addition u/s 41(1) - interest waived by the Bank - The appellant contended that the waiver of liability by the bank should not be chargeable to tax under Section 41(1)...

6. Addition u/s 28(iv) r.w. section 41 r.w. explanation 2(iv) – the amount waived by the lender bank is not an income u/s 2(24) of the Act and further Section 28 also does...

7. 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...

8. 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...

9. Addition u/s 41 - Cessation of liability - Addition of amount of stale drafts not claimed for more than three years and the claim for which had become barred by...

10. 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...

11. MAT computation - Additions u/s 41(1) - principal portion of the waived loan - a loan which is originally taken for capital expenditure, if waived, will not give rise to...

12. Income u/s 41(1) - Bank waived the interest portion - Returns filed for A.Y. in which deduction claimed was held non-est - Unless the amount had been allowed as a...

13. Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very...

14. 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...

15. 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...