• Home
  • Income Tax
    • Income Tax
    • Latest Update
      • Circular
      • IT Judgement
      • Notification
      • Press Release
    • Article
      • salary
      • House propery
      • Business/Profession
      • Capital Gain
      • Other Source Of Income
      • Assessment
      • Tax Planning
  • GST
    • GST Act 2016
      • CGST Acts
    • GST Rules 2016
      • CGST Rules
      • SGST Rules
      • IGST Rules
    • GST Articles
      • Time Of Supply
      • Place Of Supply
      • Other GST Article
    • GST Judgement
  • News & Articles
    • Company Law
    • Other News
      • News
      • DTAA
      • Head Of Income
      • Interesting Income Tax
      • Miscellaneous
  • CA/CS/CMA Firms
  • Login

Waiver of principal amount of deposits and debentures by NBFC constituted capital receipt

2nd January 2020




Loading

Waiver of principal amount of deposits and debentures by NBFC constituted capital receipt

Waiver of principal amount of deposits and debentures by NBFC constituted capital receipt; SLP dismissed
[2019] 112 taxmann.com 326 (SC)
 Where in case of assessee-NBFC, High Court took a view that waiver of principal component of deposits and debentures constituted capital receipt, SLP filed against said order was to be dismissed
Section 4 of the Income-tax Act, 1961 – Income – Chargeable as (Waiver of claim of deposit) – Assessment years 2007-08 and 2008-09 – Assessee, a NBFC, was carrying on business of accepting deposits from members and lending same to other members – In course of assessment, assessee claimed that waiver of principal component of deposits and debentures constituted capital receipt – Assessing officer, however, treated said amount as taxable revenue receipt – Tribunal confirmed order passed by Assessing Officer – High Court, however, allowed assessee’s claim – Whether, on facts, SLP filed against order of High Court was to be dismissed – Held, yes
Manipal Sowbhagya Nidhi Ltd

 




2nd January 2020

This is an online news portal for tax news, updates, articles, judgments, Circulars, Notification and orders with regards to Indian Taxation Laws. ‘Simplifying the TAX & creating awareness about tax laws is the main motto of the Team theTAXTALK.

Recent Posts

  • Loans or Cash Credits as Deemed Income under Section 68: A Practical Perspective
  • Whether charging abnormally high rate is an offence in India?
  • Bank Nomination Blues? Now You Can Say “We 4” Instead of “Me 1”!
  • Reassessment Notice Beyond “Surviving Period” Held Time-Barred: ITAT Chennai in Smt. L.N. Santhi’s Case
  • Relief Without the 20%: Karnataka HC’s Landmark Ruling on Stay of Demand Offers Practical Breather to Taxpayers

Sign Up to New letter

Subscribe to our newsletter and get the latest updates

Menu
  • Hello 👋, how can I help you today?
Gathering thoughts.. ...
Powered by AI
Chat Icon