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Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Claim of deduction written off on account of unrecoverable ...

Income Tax

February 29, 2016

Claim of deduction written off on account of unrecoverable advance made for purchase of machinery - deduction allowed - AT

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  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. Deletion of disallowance of bad debts/ advances written off – Allowability to deduct the losses and debts of subsidiary company – claim allowed - AT

  3. 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....

  4. Bad debts - Disallowance of advance/balance written off claimed as deduction - the amount advanced by the assessee company to commission agent, for the purchase of...

  5. 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....

  6. Deduction u/s 36 or 37 - provisions for claims and compensation - A developer of a building could claim it as an expenditure in the year in which such expenditure is...

  7. 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

  8. The amounts written off were advanced during the course of carrying on of business and sprang directly from the business, the amounts forgone are business loss and are...

  9. Addition made in the book profit u/s 115JB - claim of interest capitalized in earlier years written off during the current year - creation of provision for employee...

  10. Writing off towards software capital work-in-progress - It is not a case where the assessee purchased certain plant and machinery or incurred certain capital costs which...

 

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