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Unsecured loan written off

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(Querist)
17 August 2009 Dear all,

A company has Rs 2,00,000/- unsecured loans.

It is no longer payable.

Does that amount become taxable. If so under what section and how should it be treated in books of accounts?

thanks
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Jitender

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Jitender (Expert)
17 August 2009 it will be capital receipt, therefore, will not be taxable.
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CA. Amit Daga

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CA. Amit Daga (Expert)
18 August 2009 correct
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