Unutilized CENVAT and Service Tax credit written off - Bad debts ...

Unutilized CENVAT and Service Tax credit can't be written off as bad debts without proof of irrecoverability u/s 36(1)(vii).

July 7, 2022

Case Laws Income Tax AT

Unutilized CENVAT and Service Tax credit written off - Bad debts u/s 36(1)(vii) r.w. Section 36(2) - assessee has not been able to bring anything on record to establish that the unutilized CENVAT and Service Tax credit amount in question had become irrecoverable during the year under consideration so that the same can be allowed as business loss in that year. - No deduction - AT

View Source

← Previous Next →

Unutilized CENVAT and Service Tax credit written off - Bad debts ...

Unutilized CENVAT and Service Tax credit can't be written off as bad debts without proof of irrecoverability u/s 36(1)(vii).

July 7, 2022

Case Laws Income Tax AT

You may also like:

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...

Seeking reversal of CENVAT Credit - amount written off as bad debts - The appellant has correctly availed the cenvat credit on input services although the amount of...

CENVAT credit - input services written off - Rule 3(5B) of CENVAT Credit Rules, 2004 reveals that it is directed against the input or capital goods and not applicable to...

Deemed income / addition u/s 41(1) - Recovery of bad debts written off - the bad debts written off did not exceed the credit balance in provision for bad and doubtful...

Deduction of bad debt written off u/s. 36(i) (vii) - lease rental - the prospects of recovery of lease rentals were quite bleak and the assessee considering that the...

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...

ITAT upheld the allowance of bad debt write-off related to trading losses in NSEL. The assessee's contracts predated Economic Offences Wing's intervention and NSEL's...

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...

Bad debts - Writing off of Loan to farmers - The treatment of the write-offs of such loans would then have to be viewed probably as bad debts, though this may not be...

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...

Reopening of assessment u/s 147 - Bad Debts - Petitioner clearly showed that the Petitioner had in response to specific queries raised during the assessment proceedings,...

Write off of irrecoverable principal amount of loan - AO had allowed the claim of bad debts in respect of the unrealized interest but had disallowed the claim in respect...

Bad debts in respect of chit groups - Bad debts can be allowed to the extent of instalments defaulted by the prized subscribers and written off as bad debt - AT

Reversal of Cenvat credit - Inputs found short in factory premises were written off - Shortages written off should be available in the factory prenises for Cenvat credit...

Reversal of cenvat credit on goods lost / written off - returned goods - on written off value, Cenvat credit is not admissible - AT

Quick Updates: