Bad debts - Disallowance of deduction claimed in respect of ...

Court Denies Deduction for Unclaimed Business Loss on Notional Interest; Not Part of Appellant's Business Activities.

April 17, 2021

Case Laws Income Tax AT

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 not in money lending, therefore, the assessee cannot claim that the assessee made inter corporate deposit in the course of his business. During the earlier years the assessee never claimed as a business loss on account of non-receipt of interest on such inter corporate deposit, therefore, the assessee is also not entitled for business loss as well. - AT

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Bad debts - Disallowance of deduction claimed in respect of ...

Court Denies Deduction for Unclaimed Business Loss on Notional Interest; Not Part of Appellant's Business Activities.

April 17, 2021

Case Laws Income Tax AT

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