Tag: Bad debt written off
If asset side of balance sheet is reduced by provision made, it amounts to writing of the debts in accordance with the provision of section 36 (2) of the Income Tax Act, 1961 ABCAUS Case Law Citation: ABCAUS 2554 (2018) (10) ITAT Important Case Laws Cited/relied upon by …
What was not income in earlier years can not be written off as debt. The failure of share broker to return the money was at the highest a business loss and nothing more – Delhi High Court ABCAUS Case Law Citation: ABCAUS 2004 (2017) (07) HC The Grievance: …
Principles for writing off bad debts u/s 36(2) as laid down by Courts-ITAT explains. Writing off & claiming deduction are two different things and it is not sweet will of the assessee. ABCAUS Case Law Citation:ABCAUS 1233 (2017) (05) ITAT The Grievance:The appellant assessee was aggrieved by the …
Bad debt written off claim us 361vii Circular No. 12/2016 F.No.279/Misc./140/20 15-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi , Dated 30th May, 2016 Subject:- Admissibility of claim of deduction of Bad Debt under section 36(1)(vii) read with section …