Directors Loan written off

Ajay S.Yadav (Student) (147 Points)

12 April 2021  
Dear Experts,

what is the taxability of Directors loan written off by the Company or waived off by the Director, in the books of Company. Is it liable to be taxed as deemed Income in the hands of Company?

Can we adjust loan written off against the Reserve and Surplus of the Company.

please elaborate with applicable provisions of Income Tax and companies Act 2013.