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 September 2018 Year 2018 This

Disallowance with respect to the write off of advances provided ...

Case Laws     Income Tax

September 12, 2018

Disallowance with respect to the write off of advances provided to employees in the course of business - the advances were given to employee (who left the organization) and the advances were not recovered - Claim allowed as revenue expenditure.

View Source

 


 

You may also like:

  1. 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....

  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. Addition of debit balance written off - trade advance which is written off as irrecoverable and so to be treated as a business loss - first prove that the advances were...

  4. The amounts written off were advanced during the course of carrying on of business and sprang directly from the business, the amounts forgone are business loss and are...

  5. The Appellate Tribunal considered the disallowance of advance written off as an expense u/s 36(2). The Assessing Officer argued it should be allowable u/s 37 due to a...

  6. Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss....

  7. Advances written off - deduction u/s 37(1) - Advances to the employees or advances made for cylinders have to be held to made for carrying out business of the assessee -...

  8. Bad debts - Disallowance of advance/balance written off claimed as deduction - the amount advanced by the assessee company to commission agent, for the purchase of...

  9. 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

  10. Allowability of business loss - the embezzlement by one of the Directors/employee during the ordinary course of business is a pilferage of the company funds can be a...

  11. Allowable revenue expenditure u/s 37(1) - Writing off of advance given to the Director - waiver of excess remuneration paid to the Director - The provisions of Section...

  12. Disallowance of the claim for Bad Debts written off - Disallowance of settlement expenditure - In the case of bad debts, the Appellate Tribunal (ITAT) partially allowed...

  13. Assessee's claim for deduction of written off "Unclaimed VAT" allowed as amount written off was part of purchases made, available for set-off against VAT liability...

  14. Business loss u/s 28/37(1) - write off/bad debt - advances /bad debt written off in respect of 22 parties - In view of the discussion and relying on the decisions cited...

  15. It is not necessary for an assessee to establish the debts to have actually become bad - Disallowance in respect of loss on advances written off allowed - AT

 

Quick Updates:Latest Updates