The Income Tax Appellate Tribunal held that the assessee is ...

Taxpayer wins set-off of losses and bad debt provision in merger case before Income Tax Appellate Tribunal.

December 2, 2024

Case Laws Income Tax AT

The Income Tax Appellate Tribunal held that the assessee is eligible to claim set-off of accumulated loss and unabsorbed depreciation u/s 72AB of the Income Tax Act after fulfilling the prescribed conditions related to merger. The Assessing Officer erred in interpreting that the claim could be made only after completion of the mandatory period. The Tribunal directed to allow the claim in accordance with Section 72AB. Regarding disallowance u/s 36(1)(viia), the Tribunal relied on its earlier order and held that the assessee, being a cooperative bank, is entitled to deduction for provision for bad and doubtful debts irrespective of rural or non-rural advances, subject to the statutory limit. The Revenue's appeal was dismissed.

View Source

← Previous Next →

The Income Tax Appellate Tribunal held that the assessee is ...

Taxpayer wins set-off of losses and bad debt provision in merger case before Income Tax Appellate Tribunal.

December 2, 2024

Case Laws Income Tax AT

You may also like:

Set off of losses with the surrendered income - the restriction shall apply to assessment year 2017-18 onwards. Accordingly, for the year under consideration, there is...

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...

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...

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...

Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property...

Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

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...

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...

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...

Settlement of case - Set off the unabsorbed business loss - filing of belated return - Indeed, the assessee disclosed the income declared in the settlement commission...

Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

Business loss or Bad Debts - written off of advances – advances given for material supply – held as business loss instead of bad debts - claim allowed - AT

Exemption u/s 10B - 100% EOU - there was a loss in the Unit eligible for deduction u/s. 10B and there was a business income in an another Unit. Therefore, while...

Quick Updates: