Home Highlights March 2013 Year 2013 This

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1. 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...

2. Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there...

3. Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee....

4. Disallowance towards ‘Project Development cost written off’ by the assessee - year of deductibility - As the assessee found the project to be lost and decided to write...

5. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

6. It is not necessary for an assessee to establish the debts to have actually become bad - Disallowance in respect of loss on advances written off allowed - AT

7. 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...

8. Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

9. Disallowance of writing off loans and advances - As per the scheme sanctioned by the BIFR - Only those assets and liabilities were shown, which were recoverable and...

10. Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss....

11. 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...

12. Disallowance of advances written off - the parent company has not reimbursed the amount only on account of change of policy of the parent company. - the assessee has...

13. Disallowance of the claim for Bad Debts written off - Disallowance of settlement expenditure - In the case of bad debts, the Appellate Tribunal (ITAT) partially allowed...

14. 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...

15. 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...