Bid-loss - Claim of business loss - assessee was explaining the ...

High Court Overturns ITAT Decision: Assessee's Business Loss Claim Denied Due to Lack of Evidence on Bid-Loss Principle.

April 21, 2015

Case Laws Income Tax HC

Bid-loss - Claim of business loss - assessee was explaining the principle followed by them, which results in bid loss. What the AO wanted was to give evidence that the assessee actually incurred the said loss in following the said principle, which was not furnished - Order of ITAT allowing the claim of loss is not correct - HC

View Source

← Previous Next →

Bid-loss - Claim of business loss - assessee was explaining the ...

High Court Overturns ITAT Decision: Assessee's Business Loss Claim Denied Due to Lack of Evidence on Bid-Loss Principle.

April 21, 2015

Case Laws Income Tax HC

You may also like:

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

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...

Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

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.

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

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

Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

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...

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...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

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...

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

The assessee, an individual sole proprietor, claimed depreciation on a car registered in her husband's name but funded by her business. While the assessee may be treated...

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...

Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

Quick Updates: