Loss of security deposit - There is no enduring benefit to the ...

Security Deposit Losses: Revenue Field Classification u/s 28, Not a Bad Debt.

September 11, 2013

Case Laws Income Tax AT

Loss of security deposit - There is no enduring benefit to the assessee. - The loss in question is in the revenue field and has been rightly claimed u/s 28. This is not a bad debt. - AT

View Source

← Previous Next →

Loss of security deposit - There is no enduring benefit to the ...

Security Deposit Losses: Revenue Field Classification u/s 28, Not a Bad Debt.

September 11, 2013

Case Laws Income Tax AT

You may also like:

Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not...

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...

Classification of a security deposit made by the appellant for a lease deed with the corporate debtor, as either a financial debt or an operational debt under the...

Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that...

CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

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

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

NCLAT dismissed appeal concerning classification of security deposit as financial debt under IBC. Appellant transferred Rs. 2,37,61,440/- to Corporate Debtor under MoU...

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...

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...

Deduction of bad-debts relating to running and terminated chits - the claim of the assessee for deduction of bad debts written off is also allowable alternatively as...

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

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...

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

Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section...

Quick Updates: