loan wave off by bank.
This query is : Resolved
himansu kumar samal
(Querist)
11 January 2011
whether loan from bank wave off by bank is profit for income tax purpose.
Guest
Guest
(Expert)
11 January 2011
Yes, cessation of liability is imcome for incometax purpose
11 January 2011
The waiver amount of term loan availed by the assessee does not partake the character of assessable income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961
Citation :- Accelerated Freez & Drying Co. Ltd Vs. DCIT -ITA 971/Coch/2008 decided on 5/5/2009.
Citation :- Accelerated Freez & Drying Co. Ltd Vs. DCIT -ITA 971/Coch/2008 decided on 5/5/2009.
Guest
Guest
(Expert)
13 January 2011
Yes, I agree with Mr. Warrier to the extent of principal amount of loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
