https://www.taxtmi.com/caselaws?id=178004 The ITAT upheld the CIT (A)'s decisions in a case involving the disallowance of bad debts on advances written off and the disallowance of a claim of capital advance as a bad debt. The ITAT ruled that these expenses were allowable deductions under section 28 of the Income Tax Act as they were incurred in the ordinary course of business. Additionally, the ITAT affirmed the CIT (A)'s decision regarding the disallowance of a bonus paid to shareholders, stating that it was a deductible business expense under section 36(1)(ii) of the Act. en-us Fri, 12 Nov 2010 00:00:00 +0530 Tue, 02 May 2023 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178004 The ITAT upheld the CIT (A)'s decisions in a case involving the disallowance of bad debts on advances written off and the disallowance of a claim of capital advance as a bad debt. The ITAT ruled that these expenses were allowable deductions under section 28 of the Income Tax Act as they were incurred in the ordinary course of business. Additionally, the ITAT affirmed the CIT (A)'s decision regarding the disallowance of a bonus paid to shareholders, stating that it was a deductible business expense under section 36(1)(ii) of the Act. Case-Laws Income Tax Fri, 12 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178004