Home Highlights February 2013 Year 2013 This

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

2. Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and...

3. Bad & doubtful debt or mere Provisions were made - provisions u/s.36(1) (vii) and 36(1) (viia) are separate and independent to each other - CIT(A) has rightly observed...

4. 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...

5. Assessee is not entitled to deduction of any provision created for bad and doubtful debts, no matter such provision is created based on the prevalent accounting policies...

6. Deduction u/s 36(1)(viia) of the Act - Provision for bad and doubtful debts - provision for bad and doubtful debts newly created during the year under consideration...

7. Deduction towards Provision for bad debts - Addition u/s 36(1)(vii) - The ITAT found that the assessee had made a provision for bad debts but had not actually written...

8. Additions of unexplained cash credit u/s 68 - Adjustment of Bad debts under the provision of section 36(1)(vii) - assessee has made its debtors at NIL value and...

9. 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...

10. Bad debts claimed should be set off against the opening balance available in the “Provision for bad and doubtful debts” account created u/s. 36(1)(viia) and the balance...

11. MAT - Deduction for provision of bad and doubtful debts while computing book profits u/s.115JB - There is absolutely no quarrel that the case does not fall under Clause...

12. Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad...

13. 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...

14. Revision u/s 263 by CIT - deduction u/s 36(1)(viia) - Provision for bad debts - Once a provision, under whatever name, is debited in the profit and loss account, then it...

15. Advances made to rural branches of bank – Whether deduction u/s 36(1)(viia) can exceed the amount of provision for bad and doubtful debts - Held no - AT