Penalty on income from bad debts recovered - the assessee has to ...

Assessee penalized for not declaring recovered bad debts as income in the year of recovery for tax purposes.

November 19, 2016

Case Laws Income Tax AT

Penalty on income from bad debts recovered - the assessee has to offer the same to tax in the year in which the recovery is made. Since the assessee has failed to do, in violation of the mandated provisions of law, levy of penalty confirmed - AT

View Source

← Previous Next →

Penalty on income from bad debts recovered - the assessee has to ...

Assessee penalized for not declaring recovered bad debts as income in the year of recovery for tax purposes.

November 19, 2016

Case Laws Income Tax AT

You may also like:

Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the...

Bad debts - Allowability towards service tax which was written off as bad debt u/s. 36(1)(vii) - Since service tax payment recovery is denied by the DIP, the assessee...

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...

Deemed income / addition u/s 41(1) - Recovery of bad debts written off - the bad debts written off did not exceed the credit balance in provision for bad and doubtful...

The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

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...

Disallowance of provision for Bad Debt Written off - provision made by the assessee for bad and doubtful debts is only a provision, but not actual written off of bad...

Disallowance of bad debt - the assessee has shown such bad debts as debtors in the earlier assessment years which was subject to the scrutiny assessment u/s 143(3) and...

ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's...

Additions for recovery of bad debts u/s 41 - As per appellant as recovered the bad debts of the companies, which got amalgamated with the appellant company, and,...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

Bad debts - the assessee has not satisfied the condition laid down in section 36(1)(vii) r.w.s. 36(2) - As per section 36(2) of the Act, deduction shall not be allowed...

Disallowance of bad debts - sales tax component included in the sundry debtors - If the assessee had made the payment of sales tax then the debtor of the assessee has to...

Revision u/s 263 - reduction from provision created for bad and doubtful debts for rural advances - real income theory - This provision for bad and doubtful debts...

Quick Updates: