deductions under section 41(1)
This query is : Resolved
07 December 2009
The Assessee not claimed deductions under section 41(1) of Income Tax Act, 1961 on account of bank interest waived by the bank during the relevant years which was treated as business income and the company has not claimed amount of interest as expence in the respective years. Now the Company wants to claim the benefits, please clarify whether the claim is justified or not?
08 December 2009
Hi,
You can file revised return or else file rectification u/s 154
You can file revised return or else file rectification u/s 154
08 December 2009
Thanks for the reply. Pl also clarify on my earlier query that since the appeal is pending before the CIT can additional gournds be filed u/s 41 (!) of the Income Tax Act.
10 December 2009
Hello as you mention that NO allowance and expenditure have been claim by you u/s 41(1).
hence there is question on income .
further accourding to section 43B dedution will be allowed only when the actual payment is made by assessee.
hence there is question on income .
further accourding to section 43B dedution will be allowed only when the actual payment is made by assessee.
10 December 2009
Explaination of section 43B also provide that waiver of interest or reformation of interest in to loan not amout of payment of interest income,
10 December 2009
so he treatment of company is not correct to treat the waiver of interest as income,
there is option to company that already mention by the my other expert friend,
1. revised the return,
2. made rectification application.
there is option to company that already mention by the my other expert friend,
1. revised the return,
2. made rectification application.
10 December 2009
in last i would like to conclude the claim is not justifed by company ,
According my all reasoning give my me ,
According my all reasoning give my me ,
10 December 2009
I really thanks the experts for giving me valuable advice. Once again heartiest thanks
kanwal
kanwal
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
