section 28

Whether Upfront Payment of Interest on Debentures Allowed as Expenditure in Year of Payment

Income Tax - We are going to analyse a problem in which a company has paid upfront interest on option exercised by debentures holders and claim whole payment as expenditure in same previous year. But the AO has disallowed the same and spread the expenditure over a period of five years due to different treatment given in the […]...

Read More

Section 28: Profits and gains of business or profession

Income Tax - Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a...

Read More

Light!! Camera!! Action!! – Bad Debts Dichotomy

Income Tax - Happy to present before all of you, my article on Light!! Camera!! Action!! – Bad Debts Dichotomy correlated with Article 14 of Constitution of India to decipher the Principle of Equality before law and Equal protection to all within the territory of India. Suggestion to improve upon the article are welcomed with folded hands....

Read More

Taxability of Chaotic Interest Incomes from Acquisition of Land

Income Tax - The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation....

Read More

Speculative Transactions A Brief Note

Income Tax - Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise than...

Read More
Sorry No Post Found

Funds raised by FCCB Buy Back at Discounting Rate is Not Business Income

Ok Play India Ltd. Vs JCIT (ITAT Delhi) - The issue under consideration is whether the funds raised from buy back of FCCB at discounting rate is  considered as business income and tax u/s 28 of the Income Tax Act?...

Read More

Compensation attributable to a negative/restrictive covenant is a capital receipt & Taxable u/s 28(va)

Shiv Raj Gupta Vs CIT (Supreme Court) - The issue under consideration is whether the non-compete fee could be taxed under any provision other than Section 28(ii)(a) of the Income Tax Act, 1961?...

Read More

Waiver of loan cannot be brought to tax u/s 28(iv) as Subsidy

Essar Shipping Limited Vs CIT (Bombay High Court) - The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?...

Read More

Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam) - The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

Read More

ITAT allows set-off of Derivative losses against Business Income

Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) - Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) The issue under consideration is whether a company dealing in ‘derivatives’ could be considered as engaged in speculative business as per Section 73 or not? In the present case, the assessee seeks set off of losses arising from derivative losses as...

Read More
Sorry No Post Found

Recent Posts in "section 28"

Whether Upfront Payment of Interest on Debentures Allowed as Expenditure in Year of Payment

We are going to analyse a problem in which a company has paid upfront interest on option exercised by debentures holders and claim whole payment as expenditure in same previous year. But the AO has disallowed the same and spread the expenditure over a period of five years due to different treatment given in the […]...

Read More
Posted Under: Income Tax |

Section 28: Profits and gains of business or profession

Section 28 of Income Tax Act, 1961 – Profits and gains of business or profession. The following income shall be chargeable to income-tax under the head “Profits and gains of business or profession” 1. Income of Business or Profession carried on by the assessee. 2. Compensation received by any person in following cases: a...

Read More
Posted Under: Income Tax |

Light!! Camera!! Action!! – Bad Debts Dichotomy

Happy to present before all of you, my article on Light!! Camera!! Action!! – Bad Debts Dichotomy correlated with Article 14 of Constitution of India to decipher the Principle of Equality before law and Equal protection to all within the territory of India. Suggestion to improve upon the article are welcomed with folded hands....

Read More
Posted Under: Income Tax |

Funds raised by FCCB Buy Back at Discounting Rate is Not Business Income

Ok Play India Ltd. Vs JCIT (ITAT Delhi)

The issue under consideration is whether the funds raised from buy back of FCCB at discounting rate is  considered as business income and tax u/s 28 of the Income Tax Act?...

Read More

Compensation attributable to a negative/restrictive covenant is a capital receipt & Taxable u/s 28(va)

Shiv Raj Gupta Vs CIT (Supreme Court)

The issue under consideration is whether the non-compete fee could be taxed under any provision other than Section 28(ii)(a) of the Income Tax Act, 1961?...

Read More

Waiver of loan cannot be brought to tax u/s 28(iv) as Subsidy

Essar Shipping Limited Vs CIT (Bombay High Court)

The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?...

Read More

Taxability of Chaotic Interest Incomes from Acquisition of Land

The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation....

Read More
Posted Under: Income Tax |

Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

Read More

ITAT allows set-off of Derivative losses against Business Income

Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad)

Magic Share Traders Ltd Vs ITO (ITAT Ahmedabad) The issue under consideration is whether a company dealing in ‘derivatives’ could be considered as engaged in speculative business as per Section 73 or not? In the present case, the assessee seeks set off of losses arising from derivative losses as non-speculative business losses. The Re...

Read More

No addition under section 41 on waiver of loan by Government

Pr.CIT Vs SICOM Ltd (Bombay High Court)

As per section 41(1), there should be an allowance or deduction claimed by the assessee in any assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee. Then, subsequently, during any previous year, if the creditor remits or waives any such liability, then the assessee is liable to pay tax unde...

Read More

Browse All Categories

CA, CS, CMA (5,737)
Company Law (7,726)
Custom Duty (8,775)
DGFT (4,644)
Excise Duty (4,542)
Fema / RBI (4,843)
Finance (5,218)
Income Tax (38,673)
SEBI (4,159)
Service Tax (3,799)

Search Posts by Date

October 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031