https://www.taxtmi.com/caselaws?id=330825 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to treat the write-off of Rs. 42,48,934 as a business loss instead of a capital loss. The Tribunal affirmed that the advances given for business purposes and shown as income in previous years were allowable as business expenditure under sections 28/29 of the Income Tax Act. en-us Mon, 01 Aug 2016 00:00:00 +0530 Sat, 19 Nov 2016 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330825 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to treat the write-off of Rs. 42,48,934 as a business loss instead of a capital loss. The Tribunal affirmed that the advances given for business purposes and shown as income in previous years were allowable as business expenditure under sections 28/29 of the Income Tax Act. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330825