Home Highlights February 2014 Year 2014 This

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1. Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee....

2. Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there...

3. Addition of debit balance written off - trade advance which is written off as irrecoverable and so to be treated as a business loss - first prove that the advances were...

4. Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss....

5. Addition of amounts written off - payment of service tax to its distributors - when the assessee company has paid amount to its distributors who had actually paid the...

6. Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee -...

7. Bad debts - Disallowance of advance/balance written off claimed as deduction - the amount advanced by the assessee company to commission agent, for the purchase of...

8. Business loss or Bad Debts - written off of advances – advances given for material supply – held as business loss instead of bad debts - claim allowed - AT

9. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

10. Disallowance of advances written off - the parent company has not reimbursed the amount only on account of change of policy of the parent company. - the assessee has...

11. Disallowing “amounts written off” as business loss - the assessee has failed to discharge his onus in substantiating that the advances written off were made wholly and...

12. Deemed dividend addition u/s 2(22)(e) - The sum so paid has been adjusted towards security deposit which is evident from the books of the company and therefore, the...

13. Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

14. Bad debts - Write off of the business/trade advances receivable from a sick company - The assessee was thus compelled to make the payment in order to ensure future...

15. Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...