Addition on account of insurance claim - ascertaining actual ...

Taxpayer's Premature Insurance Write-off Sparks Accounting Accuracy Concerns in Fire Loss Claim Settlement Discrepancy.

May 26, 2017

Case Laws Income Tax AT

Addition on account of insurance claim - ascertaining actual loss of stock in fire - we fail to understand as to why and how the assessee has written off partial claim of insurance amounting to ₹ 1 crore in the year under consideration before final settlement of such claim by the Insurance company which was allowed at ₹ 3,40,388/- in the subsequent year - AT

View Source

← Previous Next →

Addition on account of insurance claim - ascertaining actual ...

Taxpayer's Premature Insurance Write-off Sparks Accounting Accuracy Concerns in Fire Loss Claim Settlement Discrepancy.

May 26, 2017

Case Laws Income Tax AT

You may also like:

Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG...

Dis-allowance of insurance claim written off - This amount was written off in the year 1993-94 - in the assessment year 1993-94 no theft was committed, but, it was in...

Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

Assessee wrote off provision for bad and doubtful debts by debiting profit and loss account and reducing corresponding amount from loans and advances to debtors in...

Additions towards written off of creditors - cessation of liability - there is no liability in the Books of Accounts as per the transfer of the projects to its sister...

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...

Dead loss v/s bad debts - investment made by the assessee in a sister concern for purchase of equity shares which into liquidation - ITAT has not recorded a specific...

Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

Business loss - 'export incentive' written off in the Profit & Loss Account - the action of the assessee is premature - claim not allowed - AT

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 stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been...

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...

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...

Reversal of CENVAT credit - inputs written off and written back in the books of account - the adjudicating authority must re-quantify the actual credit to be reversed on...

Rejection of remission of duty in respect of the goods lost in fire - once insurance company has granted the insurance claim for the principal amount of the goods...

Quick Updates: