Clause 16 of form 3cd
This query is : Resolved
01 October 2015
loan waived by directors is it a capital receipt? if yes, why is it?
01 October 2015
Loan is CAPITAL or REVENUE?
If loan is CAPITAL its waiver is also CAPITAL is it not?
If loan is CAPITAL its waiver is also CAPITAL is it not?
01 October 2015
As per my view loan waiver by director shall be treated as taxable income in the hands of company.
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).
Inference- CIT Vs. Jubilant Securities P Ltd. ITA No. 503 of 2010 (Del).
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