Taxable income or Excemt as a capital receipt

M.K.Patel (Chamicals) (29 Points)

19 August 2008  

 

my client received a benefit of Rs. 9 Lakh From Settelement of Secured Loan  my client status is partnership  firm  so my question is as under

1) Amount of Benefit Liable To tax

2) Amount of Benefit Exmpet as a Capital receipt