Alerts & Updates

ELP Tax Alert: SC upholds waiver of loan acquired for capital purposes not a perquisite under section 28(iv) nor cessation of a trading liability under section 41(1)

Tax | May 16, 2018

Recently, the Hon’ble Supreme Court (‘SC’) in the case of M/s Mahindra and Mahindra Ltd has ruled regarding the taxability of waiver of a loan acquired for capital purposes under section 28(iv) and section 41(1) of the Income Tax Act, 1961 (‘Act’). SC held that waiver of loan acquired for capital purposes is neither a perquisite under section 28(iv) nor cessation of a trading liability under section 41(1) of the Act.

Related Articles

Alerts & Updates Litigation, Arbitration & Dispute Resolution

ELP Arbitration Weekly Update 26 September 2018

SC Rules: When a dispute resolution clause provides that...

Alerts & Updates Litigation, Arbitration & Dispute Resolution

ELP Arbitration Weekly Update 23 August 2018

In this week’s alert we update our readers on what has...

Alerts & Updates Litigation, Arbitration & Dispute Resolution

ELP Arbitration Weekly Update 13 October 2018

In this week’s update, we analyse a recent judgment of...

Alerts & Updates Litigation, Arbitration & Dispute Resolution

ELP Arbitration Update 23 August 2018

This week, we have analyzed the Bombay High Court’s...