loan wave off by bank.
This query is : Resolved
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.
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