Bombay HC: Insolvency Cannot be Used to Evade a Family Court’s Maintenance Order  ||  Kerala HC: Forklifts and Factory Cranes Are Motor Vehicles and Must be Registered under MV Act  ||  Guj HC: Edible Crude Palm Kernel Oil Qualifies for Duty Exemption; End-Use Condition not Applicable  ||  NCLAT Delhi: Advance under Land-Development MoU is not Financial Debt and Cannot Trigger CIRP  ||  NCLAT: NCLT Cannot Change Capital Structure of a Legally Compliant Successful Auction Purchaser  ||  Supreme Court: Endless Investigation and Long Delay in Filing Chargesheet Can Justify Quashing Case  ||  SC: Landowners Accepting Compensation Settlements Cannot Later Claim Statutory Benefits  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  Supreme Court: Indian Courts Cannot Appoint Arbitrators for Arbitrations Seated Outside India  ||  Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report    

ITAT Ludhiana: One-Time Settlement Debt Not Advantageous if Loan Granted Was Separate Transaction - (18 Jun 2019)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT Ludhiana) has observed that the one-time settlement of debt by the bank cannot be treated as beneficial from the business under Section 28(iv) of the Income Tax Act, 1961 if such loan granted to the Assessee was a separate transaction.

Tags : ITAT   LUDHIANA   LOAN  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved