Home Highlights March 2017 Year 2017 This

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1. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

2. 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....

3. 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...

4. 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....

5. Advances written off in P & L - business purposes - The circumstances pointed out by the CIT cannot be a ground to come to a conclusion that the advances given is not...

6. Addition of debit balance written off - trade advance which is written off as irrecoverable and so to be treated as a business loss - first prove that the advances were...

7. Deduction u/s 37(1) - the SPV was wound up and since no consideration was received by the assessee on account of winding up of the SPV, the entire investment in JSHL was...

8. Disallowance of Value Added Tax (VAT) written off - assessee has neither routed the impugned write off through its profit and loss account nor does it satisfy the basic...

9. Rental deposits written off - allowable revenue expenses u/s 37(1) - The assessee could not occupy the property since the required permission was not taken by the owner...

10. Disallowance of service tax written off - the assessee could not utilized the input tax credit on service tax paid for rent and at the end of year such amount was...

11. 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 -...

12. Business loss u/s 28/37(1) - write off/bad debt - advances /bad debt written off in respect of 22 parties - In view of the discussion and relying on the decisions cited...

13. 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...

14. Write off of outstanding dues - Bad debts claimed u/s 36(1)(vii) - Fresh claim before ITAT, in alternative, as business expenditure u/s 37(1) - The assessee at this...

15. Bad debts u/s 36(l)(vii) or business expenditure u/s 37 - Addition in respect of the payment made by assessee company to YES Bank on account of a corporate guarantee -...