Claim towards bad debts - if the provision written back is the ...

Capital Loss on Loan to BFL Not Allowable u/s 28; Cannot Be Carried Forward or Deducted.

June 7, 2022

Case Laws Income Tax HC

Claim towards bad debts - if the provision written back is the excess provision than the money realized, then that would 100% be brought to tax apart from the fact that whether it is a revenue loss or capital loss; the loss sustained by the assessee in respect of the loan advanced to BFL is in the nature of capital loss and is not allowable u/s 28 and there is no transfer of asset involved and hence, the loss sustained by the assessee is not liable to be carried forward, though it is a capital loss. - HC

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Claim towards bad debts - if the provision written back is the ...

Capital Loss on Loan to BFL Not Allowable u/s 28; Cannot Be Carried Forward or Deducted.

June 7, 2022

Case Laws Income Tax HC

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