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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Claim to write off on account of advance disallowed - year in ...

Income Tax

June 3, 2016

Claim to write off on account of advance disallowed - year in which bad-debts crystallized - mercantile system of accounting - only the assessee has determined finally that the amount is irrecoverable - No addition - HC

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  2. Bad and doubtful debts written off disallowed – provision for bad and doubtful debts cannot be allowed u/s 36(1)(vii) - AT

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  8. Disallowance of bad debts written off - Admittedly, the provision was created by the assessee in the earlier year out of the profit and loss account. Thus, any...

  9. 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

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