Bad debts - mere fact that the assessee had made some ...

Income Tax

July 2, 2012

Bad debts - mere fact that the assessee had made some inter-corporate deposits and the assessee earned income by way of interest in itself is not a circumstance to conclude that it was carrying on money lending activity as part of its business activity. - Claim of bad debts denied - HC

View Source

← Previous Next →

Bad debts - mere fact that the assessee had made some ...

Income Tax

July 2, 2012

You may also like:

Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

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 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...

Bad debts - Inter Corporate Deposit (ICD) - once interest income has been taxed as business income, and the assessee has written off this amount as irrecoverable, the...

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...

Characterization of income - Determine the nature of interest income earned - mere fact that the deposits were linked with projects would not alter the character of 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...

Power of ITAT u/s 254 - Addition on account of bad debt deleted - Tribunal has committed no illegality in upholding the finding of fact recorded by the commissioner...

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...

Deduction of bad debts - The customers of the assessee refused to make payment and therefore, the assessee had written off the amount as not recoverable. It is pertinent...

Bad Debts - once the deduction made by the clients account is debited and the assessee’s accounts are credited, the conditions laid down by section 36(1)(vii) read with...

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...

Allowance of bad debts on account of inter corporate debt and advances - it is not necessary, rather there is no requirement under the Act that the bad debt has to...

Bad Debts - Loans advanced to the Group Company utilized for purchase of properties and shares - The High court holds that it's not necessary for the assessee to...

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...

Quick Updates: