Home Highlights October 2019 Year 2019 This

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1. Deduction u/s 35(2AB) for in-house Research and Development (R&D) expenses was disallowed as the assessee failed to properly explain the basis of claim and reconcile the...

2. 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...

3. Bad Debts - once the deduction made by the clients account is debited and the assessee’s accounts are credited, the conditions laid down by section 36(1)(vii) read with...

4. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

5. 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...

6. The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

7. 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...

8. Disallowance of bad debts - sales tax component included in the sundry debtors - If the assessee had made the payment of sales tax then the debtor of the assessee has to...

9. 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...

10. Power of ITAT u/s 254 - Addition on account of bad debt deleted - Tribunal has committed no illegality in upholding the finding of fact recorded by the commissioner...

11. 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...

12. Deduction of bad debts - The customers of the assessee refused to make payment and therefore, the assessee had written off the amount as not recoverable. It is pertinent...

13. 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...

14. Assessee wrote off provision for bad and doubtful debts by debiting profit and loss account and reducing corresponding amount from loans and advances to debtors in...

15. 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...