The appeals pertain to assessments for the years 2015-16, ...

Bank's Tax Dispute: Tribunal Reviews Bad Debts, CSR, Stock Options, Depreciation for 2015-18 Tax Years.

March 14, 2024

Case Laws Income Tax AT

The appeals pertain to assessments for the years 2015-16, 2016-17, and 2017-18. This case involves multiple legal and factual issues related to income tax assessments for a banking institution, focusing on disallowances and write-offs. - The tribunal's decision touches upon complex aspects of tax law, including the interpretation of provisions related to bad debts, CSR expenses, ESOS, depreciation on investments, and others. Each issue involves interpreting specific sections of the Income Tax Act, considering the factual circumstances of the bank's operations and the legal precedents.

View Source

← Previous Next →

The appeals pertain to assessments for the years 2015-16, ...

Bank's Tax Dispute: Tribunal Reviews Bad Debts, CSR, Stock Options, Depreciation for 2015-18 Tax Years.

March 14, 2024

Case Laws Income Tax AT

You may also like:

The assessee claimed exemption u/s 10(23G), and the disallowance u/s 14 concerning exempt income was disputed. It was held that the assessee had sufficient interest-free...

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...

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...

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 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...

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...

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 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

Disallowance of bad debts written off - bad debts in respect of subscriptions defaulted by the prized subscribers - The Tribunal found the CIT(A)'s decision...

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...

Power of ITAT u/s 254 - Addition on account of bad debt deleted - Tribunal has committed no illegality in upholding the finding of fact recorded by the commissioner...

Direct Tax Vivad se Vishwas Act - VSV Act - settlement of the dispute of petitioner for assessment year 2015-16 without withdrawing the interest already granted under...

CSR expenditure - whether a allowable business expenditure? - explanation to Section 37(1) of the Act would not be applicable as it was with effect from the assessment...

Bad debts - CIT(A) and Tribunal concurrently held that the respondent bank would also be a scheduled bank and consequently allowed the bad debts u/s 36(1)(viia)(a) of...

Rejection of Section 9 application - Initiation of CIRP - pre-existing dispute - The tribunal meticulously analyzed the arguments from both sides and relevant legal...

Quick Updates: