Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Disallowance claimed as bad debt/business loss - rejection of ...

Income Tax

February 21, 2023

Disallowance claimed as bad debt/business loss - rejection of goods in inferior quality by the customers - simply because the customer of the assessee did not respond to notice u/s 133(6) of the Act the mail sent by the customer to the assessee rejecting the goods worth supplied for poor quality cannot be ignored and disbelieved only for the reason that the party did not respond to the notice issued by the AO. - AT

View Source

 


 

You may also like:

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

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

  4. 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...

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

  6. Disallowance on account of bad debt/trading loss - the assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss.

  7. Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

  8. Advances to subsidiary company – Allowability as bad debt – the loss of advance by the assessee company to its 100% subsidiary company is to be allowed as a business loss - AT

  9. It is not necessary for an assessee to establish the debts to have actually become bad - Disallowance in respect of loss on advances written off allowed - AT

  10. Disallowance under the head 'business loss / bad debts' - there was no material available to prove that the loss incurred by the appellant / assessee was for the purpose...

 

Quick Updates:Latest Updates