Bed debts - advances given for development of website - when the ...

Income Tax

September 2, 2013

Bed debts - advances given for development of website - when the website did not materialize, the amounts advanced to the companies who were engaged to develop the websites, when they became irrecoverable, can be written off and claimed as loss incidental to the business - AT

View Source

← Previous Next →

Bed debts - advances given for development of website - when the ...

Income Tax

September 2, 2013

You may also like:

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

Undisclosed income - since the advances made to boat owners was subject to tax out of which fish was supplied and Same was sold and the sale proceeds was shown as...

Financial Debt or Operational Debt? - mobilization advance given by the Appellant to the Corporate Debtor - Mobilization advance was not disbursed against the...

Dishonor of Cheque - insufficiency of funds - existence of legal debt or liability - The obligation is upon the complainant to establish, when a question is raised about...

Scope of Advance Ruling application - Classification of services - In the present case, the applicant has asked hypothetical questions seeking Advance Ruling on an issue...

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

Assessee advanced the sum to its sister-concern only and that too in the nature of loan and not as a trading advance. - Amount not recovered - neither bed debt nor ...

Addition u/s 68 - unexplained land advances received back by the appellant - assessee has advanced the amount and also a fact that transaction is not materialized...

Whether an advance amount for supply of goods can be considered as an Operational Debt under Section 5(20) of the I&B Code? - the advance amount paid by the Respondent...

Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

Levy of GST - Services of Membership Association - amounts collected from its members for setting up the 'Sinking Fund'/ Corpus Fund - supply of goods or services or...

Disallowance of interest on the advance - Simply because the assessee has secured loan from Standard Chartered Bank that does not mean that same interest bearing fund...

Whether there is notional income on advances given to closely associated group - There is no statutory obligation on the assesse that the assessee must charge interest...

CIRP - The Kolkata Municipal Corporation who is owner of the premises by Development Agreement gave right of development of the premises to the Respondent No.1 and...

Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...

Quick Updates: