The waiver of loan in this case should not be treated as income, rather it is a capital receipt. Only if a liability incurred for an item of expenditure is remitted, it is treated as income.
CA. Pramod Goenka
To: ICAI_CIRC_MEERUT_CA@yahoogroups. com
From: venkatchalam@sancharnet. in
Date: Tue, 8 Jan 2008 19:44:41 +0530
Subject: {Brainstormers -CA} Waiver of cooperative loans
Dear allOne of my clients is rearing broilers on contract basis. A few years back he has taken loan from a Land Development Bank for developing his broiler shed and the loan was categorised as Agricultural loan by the LD Bank. He was unable to repay it in time. Last year, the Govt. announced waiver of loans given by Cooperative Banks.My client was a beneficiary.Is there any way to get exemption for the loan waived by the Government ?CA V.ANANTHASUBRAMANIAN, PALANI ----- Original Message -----Sent: Tuesday, January 08, 2008 4:54 PMSubject: {Brainstormers -CA} Blowing ,thought proving student Convention By CA Jaideep N, Shah & CA Anuj GoyalCA JAIDEEP N. SHAH, Central Council member & Chairman of Board of Studies and CA Anuj Goyal , Council member, a veteran Chartered Accountant from Ghaziabad, Dhruv agrawal, Chairman CICASA, & CA Amresh Vashisht made an extensive coverage of CA Students at CA STUDENT CONVENTION at Meerut today on 8th January 2008.
As a speaker to session it's my pleasure to share with all of you
that how extenively and precisely ,all the issues partaining to student problems were discussed and clarified by the Shri Jaiddeep N. Shah.The studentrs at large have patiently heard their address. As we all are very much concerned for our students , the illustrative address made it all come alive for a Crwoeded Student Convention.
Mr. Jaideep N. shah have initiated the address briefing the various points which are around the students causes.He expressed his pleasure for the strengh of the students present.He narrated that the world , oyr students are spreading their wings .The Indian CharteredAccountants are exhibiting their outstanding performance not onlywithin the country, but across the globe. In his vibrant address Mr. Anuj Goyal, Concil Member mentioned about their upcoming roles of CA;s in the blowing economic scene.He said, the profession is growing, the economy is booming and all the Council members are working extremely hard in pursuit of perfection and excellence to bring more laurels and credibility to our profession.He also said that the present situation of the profession is not a one day achievement, tough work have been done at leadership levels.He was loudly appreciated from all the participants.
CA VASHISHT AMRESH, FCA, Moderator
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"The answer(s)/advice(s) on this Group web-site are the personal opinions of the members who sent those messages. They may/or may not be based on research(s)/opinion(s) on the fact(s) provided to the Group in the said query, and any advice tendered here is subject to the accuracy of the description of facts, proposed transactions, and their purpose and
whether they constitute a complete and accurate disclosure of all
relevant fact(s), and provided the proposed transaction(s) is completed
in the stated manner. The Group Owner/Moderator and/or the group
member(s) do not even imply the accuracy or value of any advice
submitted by its member(s) and are not liable for any damages or costs,
if any, suffered through the acceptance or putting into operation either
the whole or part of any advice so tendered on the group-site. If you
have any question(s), please do not hesitate to seek clarification(s)
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