Tag Archives: tax on waiver of loan

waiver of loan cannot be taxed as “ book profit .”

By | March 14, 2017

Capital surplus on account of waiver of loan: The Mumbai Bench of the Income-tax Appellate Tribunal held that a capital surplus in respect of the waiver of loan amount cannot be regarded as amount available for distribution through the profit and loss account. A mere disclosure of an extraordinary item in the profit and loss account does… Read More »