Alerts & Updates 29th Aug 2018

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)

Latest Thought Leadership

Alerts & Updates 20th May 2025

Note on Machinery and Electrical Equipment Safety

Read More
Alerts & Updates 20th May 2025

RBI proposes further changes to rules for investments in AIFs by Banks and NBFCs

Read More
News & Media 19th May 2025

Selling two homes? New tax ruling says you can still save on capital gains

Read More
Articles 19th May 2025

M&A Deals: Dealing with their GST Implications

Read More

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.

Read more

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.