waiver of term loan from Bank under OTS scheme
This query is : Resolved
08 October 2010
our client availed a loan for apriod of 6 years for business purpose. After two, years, The term loan became default and under 0TS Scheme of the bank original Term Loan of Rs.3.00 Cr settled for 2.15 Cr. Whether surplus amount of 85.oo lakhs is capital reciept or revenue reciept under income tax?
10 October 2010
Surplus amount is a capital receipt.
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