https://www.taxtmi.com/caselaws?id=62437 The ITAT allowed the appeal, holding that the forfeiture of earnest money and security deposit constituted a business expense rather than capital expenditure. Citing relevant case law, the ITAT emphasized that such expenses were deductible as business expenses and directed the lower authorities to permit the deduction of Rs. 29,883. en-us Sat, 04 Feb 1978 00:00:00 +0530 Wed, 19 Jan 2011 18:13:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62437 The ITAT allowed the appeal, holding that the forfeiture of earnest money and security deposit constituted a business expense rather than capital expenditure. Citing relevant case law, the ITAT emphasized that such expenses were deductible as business expenses and directed the lower authorities to permit the deduction of Rs. 29,883. Case-Laws Income Tax Sat, 04 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62437