Disallowance of the claim for Bad Debts written off - ...

Appeal Partially Allowed: Bad Debt Write-Off Approved for Business, Settlement Costs Fully Accepted as Necessary Expense.

May 9, 2024

Case Laws Income Tax AT

Disallowance of the claim for Bad Debts written off - Disallowance of settlement expenditure - In the case of bad debts, the Appellate Tribunal (ITAT) partially allowed the appeal, permitting the write-off related to business activities while rejecting the claim related to capital expenditures. Regarding the settlement expenditure, the Tribunal allowed the appeal, recognizing the guarantee given by the assessee as essential for business operations and the payment made to settle the liability as a necessary expense for business continuity.

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Disallowance of the claim for Bad Debts written off - ...

Appeal Partially Allowed: Bad Debt Write-Off Approved for Business, Settlement Costs Fully Accepted as Necessary Expense.

May 9, 2024

Case Laws Income Tax AT

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