Bank's Waiver for Trading Loans Deemed Non-Taxable Capital Receipt u/s 41(1) of Income Tax Act.

Bank's Waiver for Trading Loans Deemed Non-Taxable Capital Receipt u/s 41(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=64608 Addition u/s 41(1) - Principal amount waived off by the bank which was utilized for trading activity is capital amount - Since loans have been actually utilized for the above said purpose, which are on the capital front and when the same is written off during the year on a one time settlement, it is nothing but capital receipt and not a revenue receipt. - Not taxable - AT en-us Wed, 13 Jul 2022 07:51:03 +0530 Wed, 13 Jul 2022 07:51:03 +0530 TaxTMI RSS Generator Bank's Waiver for Trading Loans Deemed Non-Taxable Capital Receipt u/s 41(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=64608 Addition u/s 41(1) - Principal amount waived off by the bank which was utilized for trading activity is capital amount - Since loans have been actually utilized for the above said purpose, which are on the capital front and when the same is written off during the year on a one time settlement, it is nothing but capital receipt and not a revenue receipt. - Not taxable - AT Highlights Income Tax Wed, 13 Jul 2022 07:51:03 +0530 https://www.taxtmi.com/highlights?id=64608