Friday, July 2, 2021

Mere writing off outstanding interest on advances paid to subsidiary as irrecoverable is sufficient to claim deduction

INCOME TAX : Where assessee-company wrote off outstanding interest on advances paid to its subsidiary as irrecoverable when net worth of subsidiary eroded, assessee's claim of bad debt was to be allowed without expecting assessee to prove that debts had actually become bad

from www.taxmann.com Latest Case Laws https://ift.tt/3hcHovK

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...