Taxability of write back of 'Non-Plan Government Loans' claiming ...

Loan Waiver Taxable: Write-back of 'Non-Plan Government Loans' Subject to Tax u/ss 28(iv) and 41(1).

October 18, 2021

Case Laws Income Tax AT

Taxability of write back of 'Non-Plan Government Loans' claiming the same to be capital receipts not chargeable to income-tax - it could not be said that the assessee has not obtained or derived benefit from the waiver - assessee is definitely hit by provisions of Section 28(iv) and 41(1) of the 1961 Act - we do not find fault with the assessment order passed by the AO that merely because relevant provision of the 1961 statute is not mentioned in assessment order, will take otherwise taxable receipt out of taxation purview merely on the ground that relevant Section is not mentioned by the AO. - AT

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Taxability of write back of 'Non-Plan Government Loans' claiming ...

Loan Waiver Taxable: Write-back of 'Non-Plan Government Loans' Subject to Tax u/ss 28(iv) and 41(1).

October 18, 2021

Case Laws Income Tax AT

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