Deemed income - Addition u/s 41(1) - cessation of liability - ...

Deemed Income u/s 41(1) of Income Tax Act: Loan to Capital Transfer in Partnership Firm Dispute.

October 1, 2022

Case Laws Income Tax AT

Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between the assessee and the partnership firm. Had the assessee treated it as a part of the capital in the preceding year when the amount was actually withdrawn from the partnership firm, the present situation would not have arrived. - AT

View Source

← Previous Next →

Deemed income - Addition u/s 41(1) - cessation of liability - ...

Deemed Income u/s 41(1) of Income Tax Act: Loan to Capital Transfer in Partnership Firm Dispute.

October 1, 2022

Case Laws Income Tax AT

You may also like:

Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

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...

Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

Working capital loan in form of cash credit - waiver of loan - deemed income u/s 41(1) - held that:- even if we hold that Section 28(iv) of the Act is not applicable,...

The ITAT allowed the assessee's appeal and held that the disallowance of interest expenditure claimed as a deduction against interest income from the partnership firm...

Reconstitution of partnership firm – liable to capital gains for assets transferred from earlier firm to new firm

Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

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) 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...

Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the...

Quick Updates: