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ITAT disallowed deduction of unrecovered advances written off as assessee couldn't substantiate his claim

May 25, 2019[2019] 105 taxmann.com 183 (Kolkata - Trib.)/[2019] 176 ITD 609 (Kolkata - Trib.)

IT: Where assessee had claimed write off of advances given by it to suppliers for purchase of raw materials as suppliers neither supplied materials nor returned money, since assessee could not produce any evidence to prove that advances were paid during ordinary course of business, write off of same could not be allowed as business loss

IT: Where assessee had replaced certain spare parts of machinery used by it in its business, since said replacement neither brought into existence any new asset nor assessee acquired any advantage of enduring benefit, expenditure incurred on replacement of spare parts of machinery was to be treated as revenue expenditure

IT: Where assessee had made payments of certain amount on account of security deposit for uninterrupted supply of certain material for smooth functioning of its business, and, further, assessee had substantial interest free own funds out of which said payment was made, no disallowance under section 36(1)(iii) was to be made

IT: Where Assessing Officer disallowed 50 per cent of total rent paid by assessee-company to lessee under section 40A(2) on ground that said lessee held 6.5 per cent of equity shares of company and lessee's relative was a director in assessee-company, since Assessing Officer had not arrived at an exact figure of disallowance and had disallowed 50 per cent of rent merely on ad hoc estimate basis, impugned addition was unjustified

IT: Second proviso to section 40(a)(ia) inserted by Finance (No. 2) Act, 2004, with effect from 1-4-2005 is curative and has retrospective effect

IT: Where assessee deposited employee's contribution towards PF though beyond stipulated time under relevant statutory Act, but prior to due date of filing of its return of income under section 139(1), no disallowance with respect to said amount was to be made

IT: In view of provisions of section 32(2) as amended by Finance Act, 2001, unabsorbed depreciation pertaining to assessment year 1997-98, was allowed to be carried forward and adjusted after lapse of 8 years

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