Home Highlights June 2020 Year 2020 This

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

2. Bad debts - Allowability towards service tax which was written off as bad debt u/s. 36(1)(vii) - Since service tax payment recovery is denied by the DIP, the assessee...

3. 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...

4. Disallowance of bad debts written off - Admittedly, the provision was created by the assessee in the earlier year out of the profit and loss account. Thus, any...

5. 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...

6. Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

7. 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

8. Bid-loss - Claim of business loss - assessee was explaining the principle followed by them, which results in bid loss. What the AO wanted was to give evidence that the...

9. Disallowance under the head 'business loss / bad debts' - there was no material available to prove that the loss incurred by the appellant / assessee was for the purpose...

10. 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...

11. Bad debts claimed u/s 36(2)(i) - Assessee debited ‘Amount written off paid against advance of land’ - As per accounting policy and general business practice any nature...

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

13. Recovery of dues from company - employees dues - priority claim on debts - - Section 529A of the Companies Act, which gives workers’ dues a priority over all other...

14. Power of ITAT u/s 254 - Addition on account of bad debt deleted - Tribunal has committed no illegality in upholding the finding of fact recorded by the commissioner...

15. Disallowance of assessee's claim of exceptional losses on account of certain trades - Actually if there is any loss incurred on the said transaction, the same shall have...