Dear Friends
If any concern takes CC limit of Rs. 500000 but he didn't pay the loan amt till due date. after two years he settles the whole amt with only Rs. 300000.
The question is:
Rs. 200000 he earned (500000-300000).whether this receipt is revenue or capital receipt??
Regards
Dear Rohan,
In my opinion it will be treated as Capital receipt because its not of recurring nature
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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