Home Highlights September 2018 Year 2018 This

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1. Allowability of capital loss as well as the right of deferred tax assets - Disallowance of capital expenditure debited to the profit and loss account - whether CIT-A...

2. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

3. Disallowance on account of 'mark to market loss' on F&O transaction - additions deleted - AT

4. Disallowance of rates & taxes being reversal of CENVAT credit on scrap written off - In case, the assessee is able to explain CENVAT credit with necessary details, then...

5. Disallowance of Value Added Tax (VAT) written off - assessee has neither routed the impugned write off through its profit and loss account nor does it satisfy the basic...

6. Additions towards loss on transactions of Future/option through National Stock Exchange - While filing the return, we note that the assessee has not claimed this loss...

7. A “joint venture” would mean a joint arrangement, entered into in writing, whereby the parties that have joint control of the arrangement, have rights to the net assets...

8. Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

9. Disallowance of stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been...

10. Levy of service tax - contribution to Joint Venture / Partnership arrangements - it is clearly impermissible to hold that the contribution made by a co-venturer...

11. 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...

12. Loss on write off as receivable - What all therefore the assessee has to demonstrate is an honesty of its intent in effecting the write off - nothing more and nothing less - AT

13. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

14. 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...

15. Write off of receivables on discontinuation of joint venture (JV) - assessee had duly complied with the provisions of section 36(2) of the Act. It is not in dispute that...