Non-recovery of the advance made for the development of the ...

Income Tax

June 30, 2012

Non-recovery of the advance made for the development of the product - bad debts or capital loss - amount advanced, which was subsequently not recovered is a business loss and thus allowable as revenue expenditure - AT

View Source

← Previous Next →

Non-recovery of the advance made for the development of the ...

Income Tax

June 30, 2012

You may also like:

Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

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

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

Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that...

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...

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

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...

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...

Bad debts not allowed - loss incurred on sale of capital assets is not allowable u/s. 36 (1)(vii) of the Act as bad debt written off as well as business loss u/s. 37 of...

Claim of bad debt/ trading loss of the amount advanced by assessee in the course of its money leading activity - it is necessary to make an objective decision on the...

Undisclosed income - since the advances made to boat owners was subject to tax out of which fish was supplied and Same was sold and the sale proceeds was shown as...

Bad Debts – The manufacturer has to bear the loss due to sedimentation - claim allowed - AT

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...

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...

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...

Quick Updates: