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Income Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

Bed debts - once the advances made are held to be of revenue ...

Case Laws     Income Tax

November 23, 2014

Bed debts - once the advances made are held to be of revenue nature, then, the other consequence of claim of deduction u/s 36(1)(vii) would automatically follow if the assessee actually has written them off in its books of account as bad debt - AT

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  9. 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...

  10. The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

  11. 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...

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  14. Claim u/s 36(1)(viia) restricted only for provision for rural debts - AT

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