Waiver of crop loan taxable or not?

If agricultural crop loan is waived off by bank then there will be treatment, as when crop loan is taken and interest is paid on such loan interest was not allowed as dedcution for calculating business income (as loan was specifically taken for agricultural produce and agricultural income is exempt)

If wrong please correct

If assessee has agriculture income
the same is exempt from tax 
In case of  loan waiver related to agriculture should be exempt too.