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Credit balance w/back

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 January 2012 one of are client is in process of fast track exist scheme, for which the assets & liabilities should be nil but it has a Accounts payable (Credit Balance) of Rs. 9 Lakhs odd.

if our client with due consent with the party to whom it is payable write back the same.

Is the Credit balance w/back, taxable in the hands of our client?
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
02 January 2012 Yes this Credit Balance will be assessed as profit for your client in the year of w/o.and will be taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2012 Thanks for the reply
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