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Querist : Anonymous (Querist)
30 April 2013 If a company had taken unsecured loan and is not able to pay it back. It writes off the loan taken. Is it taxable under Income Tax Act 1961?
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
30 April 2013 Waiver of loan is in capital nature not taxable.

However waiver of trade liability or working capital loans are taxable.

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