Home Highlights August 2012 Year 2012 This

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1. 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

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

3. Bad debts in respect of chit groups - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt - AT

4. Deletion of disallowance of bad debts/ advances written off – Allowability to deduct the losses and debts of subsidiary company – claim allowed - AT

5. Bad and doubtful debts written off disallowed – provision for bad and doubtful debts cannot be allowed u/s 36(1)(vii) - AT

6. Disallowance of bad debts written off - bad debts in respect of subscriptions defaulted by the prized subscribers - The Tribunal found the CIT(A)'s decision...

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

8. 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...

9. Bad debts - assessee was entitled to, as dividend from another company, which was returned as income on receipt of a cheque, which subsequently got dishonoured - ITAT...

10. 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...