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Waive of trade liabilities - tax implications.

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(Querist)
26 December 2015 Amount of waive off of trade liabilities, whether it is treated as capital receipts or revenue receipts, what will the tax implication of same ???
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
26 December 2015 It is a revenue receipt as far as income tax act is concerned and will be assessed accordingly.

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