Home Highlights April 2016 Year 2016 This

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1. Bad Debts - once the deduction made by the clients account is debited and the assessee’s accounts are credited, the conditions laid down by section 36(1)(vii) read with...

2. Deduction towards Provision for bad debts - Addition u/s 36(1)(vii) - The ITAT found that the assessee had made a provision for bad debts but had not actually written...

3. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

4. Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

5. Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the...

6. Additions of unexplained cash credit u/s 68 - Adjustment of Bad debts under the provision of section 36(1)(vii) - assessee has made its debtors at NIL value and...

7. Disallowance of provision for Bad Debt Written off - provision made by the assessee for bad and doubtful debts is only a provision, but not actual written off of bad...

8. Deemed income / addition u/s 41(1) - Recovery of bad debts written off - the bad debts written off did not exceed the credit balance in provision for bad and doubtful...

9. Bad debts u/s. 36(1)(vii) - business advances given to subsidiary company which has become irrecoverable - the loss on account of non-payment of advance of subsidiary...

10. Deduction of bad debts - The customers of the assessee refused to make payment and therefore, the assessee had written off the amount as not recoverable. It is pertinent...

11. Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad...

12. Deduction u/s 36(1)(viia) of the Act - Provision for bad and doubtful debts - provision for bad and doubtful debts newly created during the year under consideration...

13. Advances made to rural branches of bank – Whether deduction u/s 36(1)(viia) can exceed the amount of provision for bad and doubtful debts - Held no - AT

14. Deduction u/s 36(1) (viia) - section 36(1) (viia) clearly provides for deduction of 7.5 % of the total income and a further deduction of 10 % of the aggregate of...

15. Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...