Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Claim of deduction due to loss of Cash in the fire in July 2010 ...


Deduction for Cash Loss in Fire Allowed Despite Early Book Entry; July 2010 Incident Evaluated.

March 4, 2017

Case Laws     Income Tax     AT

Claim of deduction due to loss of Cash in the fire in July 2010 - The entry relating to the loss of cash having been made in the books of account of the assessee only on 31.03.2010 is not a very vital circumstance. Thus the claim of the assessee for loss on account of cash destroyed by fire ought to have been allowed as deduction - AT

View Source

 


 

You may also like:

  1. This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

  2. Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

  3. The appellants, a customs warehousing station, faced a fire incident resulting in the loss of certain goods. The customs duty amount on the lost goods was paid by the...

  4. Disallowance of business loss - fire incident causing the loss - Revenue submitted that even in earlier AYs deductions have been claimed by the Assessee on account of...

  5. 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...

  6. Unexplained money u/s 69A r.w.s. 115BBE - Cash seized in search - The assessee provided a cash reconciliation statement, demonstrating that the cash balance remained...

  7. Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

  8. Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

  9. Difference in cash as per cash book and physical cash - The assessee made up the cash book later on to present that there was no difference. However, nothing of this...

  10. MAT computation u/s 115JB - Adjustment of resultant gains / losses of the amalgamation - Accumulated loss - cancellation of shares - Share Capital was reduced with a...

  11. Disallowance of goods lost due to fire - addition invoking section 29 - Moment the insurance Co determines the loss in terms of the insurance policy obtained by the...

  12. The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account...

  13. Clandestine removal - aluminium circles - it is found that Revenue has taken contrary stand wherein in the first show cause notice it is admitted that assessee has...

  14. Unexplained cash credit u/s 68 - When the cash did not pass at any stage and since the respective parties did not receive cash nor did pay any cash, there was no real...

  15. The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)] order allowing deduction u/s 54EC for investments made in Rural...

 

Quick Updates:Latest Updates