loan waived

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CA Ankit Kumar Agarwal

CA Ankit Kumar Agarwal (Querist)
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17 June 2010 Tax treatment in case of remission of loan ?? can it be treated as income from other source??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 June 2010 Under section 41(1), the revenue taxes as income what it had earlier allowed as a deduction. It creates a liability to tax only in those cases where an allowance had been actually granted in the preceding years.

Supreme court decision In CCIT Vs. Kesaria Tea Co Ltd (2002) 254 ITR 434 can be referred to know further about the general application of the said provision.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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21 June 2010 if loan(Principal) is taken for a capital purpose than its not treated as income but if its for revenue purpose than it will be treated as income

any deduction claimed earlier in case of loan than such will be treated as income.

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