Home Highlights November 2013 Year 2013 This

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1. Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its...

2. 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...

3. 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...

4. MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

5. 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...

6. 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...

7. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

8. Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee....

9. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

10. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

11. 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...

12. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

13. Deduction u/s 35AD and set off u/s 73A against the loss incurred by it in other unit - Loss of assessee on account of a specified business claiming deduction u/s 35AD...

14. Bad debts claimed u/s 36(2)(i) - Assessee debited ‘Amount written off paid against advance of land’ - As per accounting policy and general business practice any nature...

15. Allowability of capital loss as well as the right of deferred tax assets - Disallowance of capital expenditure debited to the profit and loss account - whether CIT-A...