Creditors written back

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ronak (Querist)
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28 May 2011 Can you let me knoe if i written back my creditor and treated as income and after some year i will pay the same amount to same party is this transaction is permissible?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 May 2011 If you are really serious about making the payment but your financial position does not support you, then in such difficult situations believe in your creditors. They are going to lose the amount. If they write off the amount and inform you about the waiver, then only you should write off the amount, otherwise not.