Unsecured loan o/s > 3 years
This query is : Resolved
31 December 2015
There is one unsecured loan which is outstanding for more than 3 years.
Whether it can be considered as time barred debt as like creditors and treated as income ??
Thanks in advance.
Whether it can be considered as time barred debt as like creditors and treated as income ??
Thanks in advance.
31 December 2015
It can not be termed as time barred debt and can not be added to income like creditors, if the genuine ness of the transaction can be proved.
31 December 2015
merely at the instance of expiry of some statistical period does not per se entitles the occurence of any income. If a persistent attempt signifies that the same is not to be repaid, then the question of writing it back as income will arise. In the situation of writing back, it will be treated as Capital Receipt, if the same is taken for acquisition of fixed asset.
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