waiver of interest & loan
This query is : Resolved
28 March 2011
Please suggest whether waiver of interest and loan amount is to be treated as income and if yes under which section?
28 March 2011
other income
28 March 2011
The waiver amount of term loan is not income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961.
Citation :- Accelerated Freez & Drying Co. Ltd.V.DCIT,(Coch-Tri) - Decision dated May 5, 2009.
Citation :- Accelerated Freez & Drying Co. Ltd.V.DCIT,(Coch-Tri) - Decision dated May 5, 2009.
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
- GST Regis.
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company registration : Rental agreement or NOC?
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
