Loan Waivers for Machinery or Fixed Assets Not Affected by Income Tax Act Sections 41(1) and 28(iv).

Loan Waivers for Machinery or Fixed Assets Not Affected by Income Tax Act Sections 41(1) and 28(iv). https://www.taxtmi.com/highlights?id=24018 Principal amount of loans waived off by the financial institutions / banks - Loan amount had been taken for the purchase of machinery / fixed assets being on capital account and not on trading account would not be hit by Section 41(1) r.w. section 28(iv) of the Act - HC en-us Sat, 01 Aug 2015 10:09:24 +0530 Sat, 01 Aug 2015 10:09:24 +0530 TaxTMI RSS Generator Loan Waivers for Machinery or Fixed Assets Not Affected by Income Tax Act Sections 41(1) and 28(iv). https://www.taxtmi.com/highlights?id=24018 Principal amount of loans waived off by the financial institutions / banks - Loan amount had been taken for the purchase of machinery / fixed assets being on capital account and not on trading account would not be hit by Section 41(1) r.w. section 28(iv) of the Act - HC Highlights Income Tax Sat, 01 Aug 2015 10:09:24 +0530 https://www.taxtmi.com/highlights?id=24018