https://www.taxtmi.com/caselaws?id=272171 The Tribunal allowed the assessee's appeal, concluding that the loss on account of an unrecoverable advance for machinery purchase was deductible under sections 28, 29, and 37 of the Income-tax Act, 1961. The Tribunal directed the Assessing Officer to permit the claim of Rs. 43,34,640/- as a business loss, as the advance was not recoverable due to the machinery not being delivered. The decision favored the assessee, granting the deduction for the unrecoverable advance. en-us Wed, 20 Jan 2016 00:00:00 +0530 Mon, 29 Feb 2016 01:08:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272171 The Tribunal allowed the assessee's appeal, concluding that the loss on account of an unrecoverable advance for machinery purchase was deductible under sections 28, 29, and 37 of the Income-tax Act, 1961. The Tribunal directed the Assessing Officer to permit the claim of Rs. 43,34,640/- as a business loss, as the advance was not recoverable due to the machinery not being delivered. The decision favored the assessee, granting the deduction for the unrecoverable advance. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272171