Advances written off in P & L - business purposes - The ...

January 19, 2021

Case Laws Income Tax AT

Advances written off in P & L - business purposes - The circumstances pointed out by the CIT cannot be a ground to come to a conclusion that the advances given is not for genuine business purposes - loss on account of forfeiture of advance paid is incidental to the business of the assessee and is allowable as a deduction u/s 37(1) or u/s 28 - AT

View Source

← Previous Next →

Advances written off in P & L - business purposes - The ...

January 19, 2021

Case Laws Income Tax AT

You may also like:

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...

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....

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....

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...

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

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...

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...

Disallowing “amounts written off” as business loss - the assessee has failed to discharge his onus in substantiating that the advances written off were made wholly and...

Disallowance u/s 36(l)(vii) r.w.s. 36(2) - bad debts written off in the P & L account - Writing off of sums which represent money lent in the ordinary course of business...

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 -...

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...

Bad debts - Write off of the business/trade advances receivable from a sick company - The assessee was thus compelled to make the payment in order to ensure future...

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...

100% EOU - goods were written off - Goods not used for intended purpose - duty cannot be demanded in respect of the goods which had been written off - stay granted - AT

Disallowance of stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been...

Quick Updates: