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Clause 16 of form 3cd

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(Querist)
01 October 2015 loan waived by directors is it a capital receipt? if yes, why is it?
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Amol S Joglekar

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Amol S Joglekar (Expert)
01 October 2015 Loan is CAPITAL or REVENUE?

If loan is CAPITAL its waiver is also CAPITAL is it not?
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CA Kanj Goel

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CA Kanj Goel (Expert)
01 October 2015 As per my view loan waiver by director shall be treated as taxable income in the hands of company.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
01 October 2015 If the loan was for trading purposes, then waiver attracts tax liability, otherwise not exigible to tax.

Inference- CIT Vs. Jubilant Securities P Ltd. ITA No. 503 of 2010 (Del).

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