https://www.taxtmi.com/caselaws?id=338255 The Tribunal ruled in favor of the assessee, allowing advances and loans given in the course of business as deductible expenses while computing business profit. Additionally, the remission of loan liability was deemed chargeable as business income. The Tribunal referenced relevant case law to support its decision, emphasizing that these transactions were conducted for commercial expediency and business purposes. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. en-us Wed, 21 Sep 2016 00:00:00 +0530 Sun, 29 Jan 2017 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338255 The Tribunal ruled in favor of the assessee, allowing advances and loans given in the course of business as deductible expenses while computing business profit. Additionally, the remission of loan liability was deemed chargeable as business income. The Tribunal referenced relevant case law to support its decision, emphasizing that these transactions were conducted for commercial expediency and business purposes. The Revenue's appeal was dismissed, and the assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338255