Disallowing the business advances written off - Trading loss u/s ...

Income Tax

December 18, 2021

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 is no dispute that the advances were given by the assessee in the normal course of its business and when a loss arises due to non-recovery of such advances and when the same is irrecoverable and written off as such, the same should be allowed as a business loss while computing the profit and gains of business. - AT

View Source

← Previous Next →

Disallowing the business advances written off - Trading loss u/s ...

Income Tax

December 18, 2021

You may also like:

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...

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

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....

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...

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...

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...

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...

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

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

Writing off of scrips of shares held by him as stock – Business loss - the assessee discharged the primary onus and it is for the revenue to rebut the same - claim allowed - AT

Quick Updates: