Income Tax :
GP rate and NP rate are not related to rate of discount and it is enough to written off the debts as irrecoverable
Whether in the facts and circumstances of the case, the Commissioner of Income tax (Appeals) has err
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Income Tax :
After 1st April not necessary to established the debt is irrecoverable and enough to written off
facts, in brief, as per relevant orders are that return declaring nil income, after set off of busin
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Income Tax :
As per section 36(1)(vii) of the IT bad debts written off was liable to be allowed
The fact of the case is the whether the assessee eligible to allowed deduction for bad debt written
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Income Tax :
As per IT Act. amount written back out of the bad debts and miscellanious income are to be considered as business income
Briefly stated assessee is a Member of Stock Exchange, Mumbai. Vide order dated 4.4.2001 assessee wa
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Income Tax :
After the amendment in Section 36(1)(vii), the assessee is not required to demonstrate that the debt is bad
We find that the AO has not given any reason for disallowing the claim. We also find that the AO has
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Income Tax :
Sec 36(1)(viia) applies to bad debts arising out of rural advance of a bank
We can find the facts of the case after considering the above as well as on law, the Learned CIT(A)
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Income Tax :
As per sec 28(2) bad debt written off as irrecoverable is allowed but in case of Bank deduction is allowed only to the extent exceeds the credit balance
The appeal by the Revenue was filed on 17.12.2008 and the appeal by the assessee was filed on 27.11.
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Income Tax :
As per sec 36(2) beddebt written off as irrecoverable is allowed if such debt taken into account in computing the income of the year in which debt is written off
On the facts and in the circumstances of the case, the CIT(A) erred in deleting the addition on acc
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Income Tax :
After amendment of sec 36(1)(vii) of IT Act 1961 in order to obtained deduction for bad debts it is not necessary to established that the debt is irrecoverable
In this appeal the Revenue has raised three grounds, wherein ground nos. 2 and 3 are general in natu
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Income Tax :
Bad Debts u/s 36(1)(vii) of the Income Tax act, 1961
I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99
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Income Tax :
Bad Debts u/s 36(1)(vii) of the Income Tax act, 1961
I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99
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Income Tax :
MAT- Prov for Bad Debts to be allowed for certain lia.
Section 115JA of the Income-tax Act, 1961 - Minimum alternate tax - Assessment year 1997-98 - Whethe
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Income Tax :
SCOPE OF ADDING BACK PROVISION FOR DOUBTFUL DEBTS TO NET PRO
SCOPE OF ADDING BACK PROVISION FOR DOUBTFUL DEBTS TO NET PROFIT UNDER SECTION 115JA OF IT ACT, 1961
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Income Tax :
Bad debts – S. 36(1)(vii) – No steps taken for recovery
Debts pending since long – In most cases recovery barred by limitation – Debts written off in books
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Income Tax :
Bad Debts
Held by the Hon`ble Court that, unless the A.O. had rejected the entire books of accounts to be tota
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Income Tax :
BAD DEBTS ::
Held by the Hon`ble Court that, unless the A.O. had rejected the entire books of accounts to be tota
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Income Tax :
BAD DEBTS
Held by the Hon`ble Court that, it is not necessary to establish that debt had become bad only to wr
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