Tax on Waiver of interest in the hands of amalgamating company

By | April 29, 2017
(Last Updated On: April 29, 2017)
  • Waiver of interest in the hands of amalgamating company: The Supreme Court of India held that waiver of interest due by amalgamating company to financial institutions is taxable in the hands of the amalgamated company under section 41(1) of the Income-tax Act, 1961.The case is: Mcdowell & Company Ltd. Read an April 2017 report [PDF 309 KB] of KPMG
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