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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Deduction of bad-debts relating to running and terminated chits ...

Income Tax

June 13, 2018

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 business loss u/s 28(i)

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  1. 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...

  2. 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

  3. 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...

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  6. Allowance of of bad debts - advances given by the assessee had become actually bad - deduction u/s 36(1)(vii) cannot be denied - HC

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  8. 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...

  9. Claim of bad debts – advance given for purchase of capital assets are not allowable as bad debts/business loss - AT

  10. 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

 

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