Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Bid-loss - Claim of business loss - assessee was explaining the ...

Income Tax

April 21, 2015

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 assessee actually incurred the said loss in following the said principle, which was not furnished - Order of ITAT allowing the claim of loss is not correct - HC

View Source

 


 

You may also like:

  1. 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

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

  3. Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

  4. Diminution of value of shares - to be treated as business loss or not - Regular method of valuation of stock to be followed - claim of loss allowed - AT

  5. Loss from mutilated currency notes claimed as business loss/business expenditure in computation of taxable total income - AO to allow the loss to the extent of 20%

  6. Advances to subsidiary company – Allowability as bad debt – the loss of advance by the assessee company to its 100% subsidiary company is to be allowed as a business loss - AT

  7. Speculative loss - Setting off the Brought Forward Losses – Proportionate Expenses - The department cannot take different stand on the year under consideration as...

  8. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

  9. 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...

  10. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

 

Quick Updates:Latest Updates