Taxability of amount of loan waived by the financial institution ...

Case Laws Income Tax

September 1, 2021

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 judgment of Hon'ble Apex Court, we are of the view that the sum amount in dispute representing waiver of loan liability was on the capital accounts, and not in the nature of income, more so when no deduction and allowance was made in respect of such loan in any assessment year. - AT

View Source

← Previous Next →

Taxability of amount of loan waived by the financial institution ...

Case Laws Income Tax

September 1, 2021

You may also like:

Loan waived by the banks in favour of the respondent assessee in one time settlement - whether the principal amounts of loans retained by the assessee on account of one...

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...

Taxability of the amount waived by the mutual funds/financial institutions - the amount of principal waived by the financial institutions cannot be taxed under section...

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 - 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...

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...

Addition of principal amount of loan waived by the lender on account of one time settlement of loan - AO was not correct in taxing the aforesaid waiver of loan by...

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...

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...

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...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

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...

GST is payable under reverse charge mechanism on issuance of corporate guarantee without consideration by foreign group company to Indian subsidiary for loan taken from...

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...

Refund of tax amount paid - Amount paid under protest - applicability of time limitation - Though the petitioner had voluntarily paid the aforesaid amount during the...

Quick Updates: