Home Highlights January 2014 Year 2014 This

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1. 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...

2. 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...

3. 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...

4. 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...

5. 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...

6. 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...

7. 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...

8. 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...

9. Disallowance on account of provision for expenses made under normal provisions of the Act as well as in the computation of book profits u/s.115JB - The assessee company...

10. 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

11. Allowable expense u/s 37(1) - provisions for claim Incurred but Not Reported (IBNR) and claim Incurred But Not Enough Reported (IBNER) - whether such provisions are in...

12. Disallowance claimed as bad debts -assessee has claimed provision during the assessment year without any advice of the RBI against the provisions of the Income-tax Act -...

13. 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...

14. MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

15. MAT Computation - even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...