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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Allowance of of bad debts - advances given by the assessee had ...

Income Tax

April 18, 2016

Allowance of of bad debts - advances given by the assessee had become actually bad - deduction u/s 36(1)(vii) cannot be denied - HC

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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. 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

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

  4. 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...

  5. 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...

  6. Disallowance claimed as bad debts -assessee has claimed provision during the assessment year without any advice of the RBI against the provisions of the Income-tax Act -...

  7. 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

  8. Allowance of bad debts - Provision made was pre-matured - It was only contingent liability or notional loss which could not be allowed as an expenditure under provisions...

  9. Provisions for bad and doubtful debt should be restricted to the amount of such provision which are actually created in the books of account in the relevant year - AT

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

 

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