Debt Written Off in Books of Account is to be Allowed as Bad Debts: ITAT directs AO to delete Addition of Rs. 6.69 crore [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer ( AO ) to delete the addition of Rs. 6.69 crore...
![Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Doubtful-Debt-nature-of-diminution-Income-Tax-Act-Asset-Diminution-ITAT-upholds-Addition-of-Book-Profit-ITAT-Addition-Book-Profit-taxscan.jpg "Doubtful Debt in Nature of Diminution in value of Asset, unless there is finding u/s 35(1)(vii) of Income Tax Act: ITAT upholds Addition of Book Profit u/s 115JB [Read Order]")
![Settlement of Mutual Debt through Book Adjustment is a Valid Mode of Payment of Consideration, Input Credit is Admissible: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Settlement-Settlement-of-Mutual-Debt-Mutual-Debt-Valid-Mode-of-Payment-Payment-of-Consideration-Input-Credit-is-Admissible-Input-Credit-AAR-Authority-for-Advance-Ruling-taxscan.jpg "Settlement of Mutual Debt through Book Adjustment is a Valid Mode of Payment of Consideration, Input Credit is Admissible: AAR [Read Order]")
![Cash Credit Account is not a Debt and Cannot be Made Attachable: Calcutta HC Sets aside Attachment Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Cash-Credit-Account-Debt-and-Cannot-be-Made-Attachable-Calcutta-High-Court-Attachment-Order-taxscan.jpg "Cash Credit Account is not a Debt and Cannot be Made Attachable: Calcutta HC Sets aside Attachment Order [Read Order]")
Power of AA in Insolvency Proceedings limited to Verification of Default in Payment of Debt: Supreme Court [Read Judgement]
In a recent ruling, a two-judge bench of Justice Abhay S. Oka and Justice Rajesh Bindal of the Supreme Court of India observed that the Adjudicating Authority is empowered only to verify the...
Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Ahmedabad bench has held that adjustment against bad and doubtful debts amounts to actual writing off of bad debts. Integra Engineering India Ltd., the...
![Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Adjustment-Adjustment-Against-Bad-and-Doubtful-Debts-Doubtful-Debts-Bad-Debts-ITAT-Income-Tax-taxscan.jpg "Adjustment Against Bad and Doubtful Debts Amounts to Actual Writing Off of Bad Debts: ITAT [Read Order]")
Unsecured FCCDs issued to Holding Companies for Business Operations in India are Debts, not Equity Instruments: ITAT [Read Order]
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that unsecured FCCDs issued to holding companies for business operations in India are debts which are not equity...
![Unsecured FCCDs issued to Holding Companies for Business Operations in India are Debts, not Equity Instruments: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Unsecured-FCCDs-FCCD-Holding-Companies-Business-Operations-Holding-Companies-for-Business-Operations-Business-Operations-in-India-Business-Operations-in-India-are-Debts-Debts-ITAT-taxscan.jpg "Unsecured FCCDs issued to Holding Companies for Business Operations in India are Debts, not Equity Instruments: ITAT [Read Order]")
Court can't pass Injunction Order or Attachment to Secure Debt when matter is Pending in other Writ Petitions: Andhra Pradesh HC [Read Order]
In a recent judgment the Andhra Pradesh High Court observed that the Court can't pass injunction order or attachment to secure debt when matter is pending in other writ petitions. The petitioners in...
![Court cant pass Injunction Order or Attachment to Secure Debt when matter is Pending in other Writ Petitions: Andhra Pradesh HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Injunction-Order-Debt-Writ-Petitions-Andhra-Pradesh-Highcourt-taxscan.jpg "Court cant pass Injunction Order or Attachment to Secure Debt when matter is Pending in other Writ Petitions: Andhra Pradesh HC [Read Order]")
Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance won't be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the amount of provision for bad and doubtful debts reduced from Sundry Debtors Balance won't be hit by Clause (i) of...
![Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance wont be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Amount-of-Provision-Provision-Doubtful-Debt-Bad-debt-Sundry-Debtors-Sundry-Debtors-Balance-Explanation-ITAT-Taxscan.jpg "Amount of Provision for Bad and Doubtful Debts Reduced from Sundry Debtors Balance wont be hit by Clause (i) of Explanation to Sec 115JB:Â ITAT [Read Order]")
Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]
The Income Tax Appellate Tribunal(ITAT), Ahmedabad bench held that when actual write-off of diminution in value of the asset from the corresponding amount of trade receivables and shown in the...
![Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/write-off-debts-balance-sheet-ITAT-taxscan.jpg "Actual Write-off of doubtful Debts from Corresponding amounts and shown in the Balance Sheet, Addition u/s 115 JB not sustainable: ITAT [Read Order]")
Refund of Tax recovered/collected is a ‘Debt’ till Actual Payment: Delhi HC asks Dept to pay Interest to Punjab & Sind Bank [Read Order]
The division bench of the High Court of Delhi has held that the refund of tax recovered or collected is a "debt" till actual payment and asks the department to pay interest to Punjab & Sind Bank....
![Refund of Tax recovered/collected is a ‘Debt’ till Actual Payment: Delhi HC asks Dept to pay Interest to Punjab & Sind Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Refund-Tax-r-Debt-Actual-Payment-Delhi-HC-Dept-Interest-Punjab-Sind-Bank-taxscan.jpg "Refund of Tax recovered/collected is a ‘Debt’ till Actual Payment: Delhi HC asks Dept to pay Interest to Punjab & Sind Bank [Read Order]")