Chit funds - Claim of deduction on bad debts on running and ...

Income Tax

November 1, 2014

Chit funds - Claim of deduction on bad debts on running and terminated groups – bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt in the books of the assessee - AT

View Source

← Previous Next →

Chit funds - Claim of deduction on bad debts on running and ...

Income Tax

November 1, 2014

You may also like:

Bad debts in respect of chit groups - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt - AT

Chit fund as not a money lending business - Tribunal treating moneys not paid by the prize chit winners as bad debts ? - relationship of creditor and debtor between the...

Deduction of bad-debts relating to running and terminated chits - the claim of the assessee for deduction of bad debts written off is also allowable alternatively as...

Disallowance of bad debts written off - bad debts in respect of subscriptions defaulted by the prized subscribers - The Tribunal found the CIT(A)'s decision...

Interest claimed on partners' capital contribution made to chit funds and interest claimed on payment to retired partners' outstanding balance - claim of deduction from...

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

Bad Debts – The manufacturer has to bear the loss due to sedimentation - claim allowed - AT

Claim of bad debts against the undisclosed income found during search not allowed - AT

Refund of service tax paid - Chit Fund Foreman Service - refund claimed as no service tax was chargeable - There has been a delay of more than two years - refund cannot be allowed.

Nature of activity of "chit fund business" - cash management / fund management - the petitioner is not liable to pay service tax before 14.05.2015 - petition allowed.

Quick Updates: