https://www.taxtmi.com/caselaws?id=205585 The Tribunal upheld the CIT(A)'s decision, ruling that the rental deposits written off by the company for employee accommodation purposes constituted a business loss under section 28 of the IT Act. The unrecoverable deposits were considered deductible business expenses as they were made for business purposes and became irrecoverable due to unforeseen circumstances, qualifying for treatment as a business loss. The revenue's appeal was dismissed based on legal precedents supporting the allowance of such losses as deductible business expenses. en-us Fri, 19 Nov 2010 00:00:00 +0530 Sat, 30 Jul 2011 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205585 The Tribunal upheld the CIT(A)'s decision, ruling that the rental deposits written off by the company for employee accommodation purposes constituted a business loss under section 28 of the IT Act. The unrecoverable deposits were considered deductible business expenses as they were made for business purposes and became irrecoverable due to unforeseen circumstances, qualifying for treatment as a business loss. The revenue's appeal was dismissed based on legal precedents supporting the allowance of such losses as deductible business expenses. Case-Laws Income Tax Fri, 19 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205585