Relying on "Principal" Alone Insufficient for Loan Assessment Under Income Tax Act Section 41(1); Detailed Review Needed.

Relying on "Principal" Alone Insufficient for Loan Assessment Under Income Tax Act Section 41(1); Detailed Review Needed. https://www.taxtmi.com/highlights?id=6949 Deemed income u/s 41(1) - merely relying upon the expression ‘principal’ used in the letter, one cannot conclude that the amount contains only the principal component of loan, and no element of interest is embedded therein. - AT en-us Mon, 25 Feb 2013 15:39:55 +0530 Mon, 25 Feb 2013 15:39:55 +0530 TaxTMI RSS Generator Relying on "Principal" Alone Insufficient for Loan Assessment Under Income Tax Act Section 41(1); Detailed Review Needed. https://www.taxtmi.com/highlights?id=6949 Deemed income u/s 41(1) - merely relying upon the expression ‘principal’ used in the letter, one cannot conclude that the amount contains only the principal component of loan, and no element of interest is embedded therein. - AT Highlights Income Tax Mon, 25 Feb 2013 15:39:55 +0530 https://www.taxtmi.com/highlights?id=6949