Bad Debts - Addition on account of deposits written off on ...

Developer's Write-Off of Deposits for Land Rights Surrender Approved Due to Business Necessity and Commercial Reasons.

November 30, 2022

Case Laws Income Tax AT

Bad Debts - Addition on account of deposits written off on surrender of land development rights - Once the developer was sure that it is not possible to receive back any further amount of the deposit, as a commercial expediency the balance amount has been written off, since it is arising out of the business exigency and commercial expediency. - Claim allowed - AT

View Source

← Previous Next →

Bad Debts - Addition on account of deposits written off on ...

Developer's Write-Off of Deposits for Land Rights Surrender Approved Due to Business Necessity and Commercial Reasons.

November 30, 2022

Case Laws Income Tax AT

You may also like:

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...

Rental deposits written off - allowable revenue expenses u/s 37(1) - The assessee could not occupy the property since the required permission was not taken by the owner...

Claim of set off against the surrendered income - in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off - HC

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...

Addition u/s 41(1) - benefit by way of remission or cessation of liability - In the instant case, the first mentioned person is the assessee, but not the creditor. In...

Disallowance of rental deposits written off - revenue or capital in nature - the write off of the interest free deposit made by the assessee to the licensor against...

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

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...

Business loss- Inter-corporate deposits written off is allowable business loss. - Article

Bad debts - Disallowance of advance/balance written off claimed as deduction - the amount advanced by the assessee company to commission agent, for the purchase of...

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...

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...

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...

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...

Quick Updates: