Additions for recovery of bad debts u/s 41 - As per appellant as ...

Recovery of Bad Debts from Amalgamated Companies Taxable u/s 41, Appellant's Argument Rejected.

October 22, 2022

Case Laws Income Tax HC

Additions for recovery of bad debts u/s 41 - As per appellant as recovered the bad debts of the companies, which got amalgamated with the appellant company, and, therefore, they are not taxable in the hands of the appellant and that the appellant was not the assessee for the purpose u/s 41 - Contention rejected - Additions confirmed - HC

View Source

← Previous Next →

Additions for recovery of bad debts u/s 41 - As per appellant as ...

Recovery of Bad Debts from Amalgamated Companies Taxable u/s 41, Appellant's Argument Rejected.

October 22, 2022

Case Laws Income Tax HC

You may also like:

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...

Bad debts - Advance given to Subsidiary Company for Job work - The subsidiary company was in absolute financial stringency and there was no possibility of any recovery...

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...

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...

Writing off the debts which had already become bad in the hands of amalgamating company – Condition of Sec. 36(1)(vii) fulfilled - Claim of bad debts allowed - Sec. 72A...

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...

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

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...

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...

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 - Loans advanced to the Group Company utilized for purchase of properties and shares - The High court holds that it's not necessary for the assessee to...

Advances to subsidiary company – Allowability as bad debt – the loss of advance by the assessee company to its 100% subsidiary company is to be allowed as a business loss - AT

The ITAT held that since the income of the amalgamating company was included in the amalgamated company's income u/s 199(1) read with Section 198, the credit for TDS and...

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...

Addition u/s 68 - The Tribunal not only took note of the legal position but also the factual position. The Tribunal held that the legal effect after amalgamation of the...

Quick Updates: