Home Highlights July 2013 Year 2013 This

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1. 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...

2. 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...

3. Reopening of assessment u/s 147 - Bad Debts - Petitioner clearly showed that the Petitioner had in response to specific queries raised during the assessment proceedings,...

4. 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...

5. 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...

6. 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...

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. Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

9. 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...

10. Bad debts - the assessee has not satisfied the condition laid down in section 36(1)(vii) r.w.s. 36(2) - As per section 36(2) of the Act, deduction shall not be allowed...

11. Deduction u/s 36 (1) (vii) - ITAT allowing pure loan as Bad debt - bad debts or part thereof taken into account in computing income of the assessee for an earlier...

12. 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

13. Disallowance of bad debt written off - assessee knowing to fact that its business going to discontinue from immediate subsequent year deliberately written off good...

14. MAT computation - Provision for bad and doubtful debts - If, at the end of the year showing the loans and advances on the asset aside of the balance sheet as net of the...

15. The provisions of section 36(1)(vii) do not contain the requirement of writing off the bad debts to the profit and loss account of the Assessee what the provision...