Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Advances written off may be deductible as business loss where they are made in the ordinary course of business and have a direct nexus with business operations. The Tribunal held that the balance security deposit paid for restaurant premises was a revenue loss because it was advanced for hotel business purposes and remained unrecovered after failed efforts to recover it. It also held that earnest money furnished for joint bidding to secure natural gas for hotel use was a business advance and its forfeiture was allowable as business loss. However, a write-off to an individual treated as a friendly loan, unsupported by evidence of any trade-related purpose, was not deductible and remained disallowed.
Advances written off may be deductible as business loss where they are made in the ordinary course of business and have a direct nexus with business operations. The Tribunal held that the balance security deposit paid for restaurant premises was a revenue loss because it was advanced for hotel business purposes and remained unrecovered after failed efforts to recover it. It also held that earnest money furnished for joint bidding to secure natural gas for hotel use was a business advance and its forfeiture was allowable as business loss. However, a write-off to an individual treated as a friendly loan, unsupported by evidence of any trade-related purpose, was not deductible and remained disallowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
