Treatment under income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 March 2014
sir/mam
one of my client company applied for scheme under bifr.i want to know the treatment of sacrifices made by the financial institutions under the income tax act,1961
one of my client company applied for scheme under bifr.i want to know the treatment of sacrifices made by the financial institutions under the income tax act,1961
02 March 2014
if the sacrifice is on a term loan, then there is no income tax impact. However, if the sacrifice on working capital loan is treated as business income.
please refer [Rollatainers ltd. V. CIT (2012) ( Delhi) and CIT vs Cochin Co. Pvt ltd (Kerala)].
please refer [Rollatainers ltd. V. CIT (2012) ( Delhi) and CIT vs Cochin Co. Pvt ltd (Kerala)].
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