Applicability of Sec.56

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pplicability of Sec.56<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 20-1-2021 Last Reply Date:- 31-1-2021 Income Tax<br>Got 1 Reply<br>Income Tax<br>A Company pays a lesser amount t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....owards Bank loan under one Time settlement arrangement. There are lot of decisions to say that amounts waived off by the bank cannot be brought to Income tax under section 41(1) of Income Tax Act. T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hese decision pertain to period before introduction of Section 56(2)(viia). My Query is whether such loans waived off will be treated as Income under section 56(2)(viia) or 56(2)(x) in the hands of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he company. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view it will not be treated as income. Views of Experts are solicited in this regard.<br> Discussion Forum - Knowledge Sharing ....