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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. 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

  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. 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...

  6. 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....

  7. 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...

  8. 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....

  9. Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee -...

  10. 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...

 

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