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Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of Monthly Outstanding Balances: Madras HC [Read Order]

The Madras High Court has dismissed two appeals filed by the Income Tax Department, holding that the deduction for provision for bad and doubtful...

ITAT Permits Schindler India to Exclude ₹1.09 Crore Written-Off from Book Profits noting it was...

Customer Contracts and Assembled Workforce are “Intangible Assets”: ITAT Allows Genpact’s...

ITAT Deletes Rs. 1 Crore Addition u/s 69A, Holds Bad Debt Recovery as Business Income [Read Order]

ITAT upholds AO's Acceptance of Bad Debt Write-off Claim, In absence of Error [Read Order]

Shortage towards Principal in Lending Business Allowable as Bad Debt: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Delhi Bench, has recently, in an appeal filed before it, held shortage towards principal in a lending business is allowable as bad debt. The aforesaid...

VGA Digital Printers Eligible for Deduction in respect of Bad Debt from Reliance Communications: ITAT [Read Order]

The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the assessee, VGA Digital Printers Eligible for Deduction in respect of Bad Debt from Reliance Communications. The...

Loss of Investment written off as Bad Debt and Same can't Claim as Business Loss: ITAT upholds Order of CIT(A) against Ceramin India [Read Order]

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that Loss of investment written off as bad debt and same can't claim as a business loss and upheld order of CIT(A) against...

No Information available with respect to Subsequent Recovery of Bad Debts: ITAT sustains Disallowances of Bad Debt written off for Rupees Twenty Lakhs

The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench sustained disallowances of bad debt written off for Rupees Twenty Lakhs as there was No information available with respect to subsequent...

ITAT allows Assessee’s Claim to Write Back Credit to Profit and Loss Account for Bad Debt made in earlier years [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench allowed the assessee’s claim to write back credit to profit and loss account for bad debt made in earlier years. The assessee company,...

No Deduction can be claimed if Bad Debt not written off: Madras High Court [Read Judgment]

The Madras High Court held that the deduction cannot be claimed on the bad debt which was not written off as required by law as per the provisions of Section 36 of the Income Tax Act. The...

Investment can’t be Written Off as Bad Debt If a Project fails to Take Off: ITAT [Read Order]

In a major setback to the Aditya Birla Power Company Limited, the Mumbai bench of Income Tax Appellate Tribunal (ITAT ) held that investment in the project which fails to take off cannot be written...