section 28

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Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court) - 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 loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....

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Income accrued must be considered from a realistic & practical angle – SC

Commissioner of Income Tax Vs M/s Excel Industries Ltd. (Supreme Court of India) - Applying the three tests laid down by various decisions of this Court, namely, whether the income accrued to the assessee is real or hypothetical; whether there is a corresponding liability of the other party to pass on the benefits of duty free import to the assessee even without any imports having...

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Assessee is entitled to depreciation on Wind Electric Generators from the date on which it was installed and commissioned

Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai) - Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)- Statement given u/s 131 cannot be the only basis for disallowing the claim of depreciation when it is shown with documentary evidence that the admission made in the statement recorded was under a mistake or misapprehension. Assessee is not entitled...

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NBFCs not entitled to deduction of any provision created for bad and doubtful debts

Art Leasing Ltd. Vs CIT (Kerala High Court) - Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to section 36(l)(vii) squarely applies or in other words, the appellant-N. B.F.Cs. are not entitled to deduction of any Provision created for bad and doubtful debts, no matter su...

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Interest income from Fixed deposits not eligible for deduction u/s 10A/10B

Tricom India Ltd. Vs. ACIT (ITAT Mumbai) - The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B....

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Recent Posts in "section 28"

Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court)

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 loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....

Read More

Income accrued must be considered from a realistic & practical angle – SC

Commissioner of Income Tax Vs M/s Excel Industries Ltd. (Supreme Court of India)

Applying the three tests laid down by various decisions of this Court, namely, whether the income accrued to the assessee is real or hypothetical; whether there is a corresponding liability of the other party to pass on the benefits of duty free import to the assessee even without any imports having been made...

Read More

Assessee is entitled to depreciation on Wind Electric Generators from the date on which it was installed and commissioned

Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)- Statement given u/s 131 cannot be the only basis for disallowing the claim of depreciation when it is shown with documentary evidence that the admission made in the statement recorded was under a mistake or misapprehension. Assessee is not entitled to claim loss u/s 28 on account bad deb...

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NBFCs not entitled to deduction of any provision created for bad and doubtful debts

Art Leasing Ltd. Vs CIT (Kerala High Court)

Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to section 36(l)(vii) squarely applies or in other words, the appellant-N. B.F.Cs. are not entitled to deduction of any Provision created for bad and doubtful debts, no matter such provision...

Read More

Interest income from Fixed deposits not eligible for deduction u/s 10A/10B

Tricom India Ltd. Vs. ACIT (ITAT Mumbai)

The learned counsel for the assessee has vehemently argued that in this case interest from deposit was offered as business income and was also assessed as business income and therefore, automatically once it is assessed as business income then the same becomes eligible for deduction u/s.10B....

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Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)

Jindal Drugs Ltd. Vs Asst. Commissioner of Income-Tax (ITAT Mumbai)

S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB...

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Loan waived by lender is not taxable in the hand of borrower

Cipla Investments Ltd. Vs ITO (ITAT Mumbai)

As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head 'capital gains' and not as 'business income'. ...

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If part of company business is deal in shares then all types of transactions, whether delivery based or non-delivery based, will be treated as speculative transactions

Metropolitan Traders Pvt. ltd. Vs ITO (ITAT Mumbai)

Admittedly, the assessee company was dealing in Cement and also engaged in the business of dealing in shares. There is no dispute over the fact that the assessee had taken delivery of shares before selling them. The assessee company had claimed set off of unabsorbed speculation loss relating to assessment year 1995-96 and 1997-98 carried ...

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Term Loan waiver availed by the assessee is not assessable income

Accelerated Freez & Drying Co. Ltd. Vs DCIT (ITAT Cochin)

19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be d...

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