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Case Law Details

Case Name : CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court)
Related Assessment Year : 2006-07
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CA Deepak Goel

Waiver of loan – Madras HC has reignited this issue. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv)

Brief

Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on l

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One Comment

  1. Rajendra Khandelwal says:

    Can anybody further throw light on the following para narrated by the Madras High Court while giving decision regarding Chargeability of waived loan as taxable :

    ” two entries are made in the books of account, one in the profit and loss account where payments are entered – ; and

    “Alternatively, the amount representing the waived portion of the loan is shown as a capital receipt in the profit and loss account its”

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