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Waiver of bank loan-whether it is capital receipt or revenue

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(Querist)
24 July 2008 My client has availed a Term loan facility from bank for Rs.12Crores.During the year Bank waived a amount of a Rs.4 crores and balance amount was paid and account was settled.My question is that whether Rs 4 Crore is a capital receipts or revenue as per Income tax.

CA Anoop Mangal
Gwalior
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
25 July 2008 Loan waiver is capital in nature.
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