https://www.taxtmi.com/caselaws?id=194814 The Tribunal allowed the claim of write-off for irrecoverable advances made in the film financing business but disallowed the loss returned by the assessee, treating the income as 'nil'. The Tribunal emphasized that the advances were part of the working capital and not in the capital field, relying on precedent that such irrecoverable amounts are considered trading losses. Both appeals were partly allowed. en-us Wed, 29 Aug 2012 00:00:00 +0530 Thu, 28 Sep 2017 16:38:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194814 The Tribunal allowed the claim of write-off for irrecoverable advances made in the film financing business but disallowed the loss returned by the assessee, treating the income as 'nil'. The Tribunal emphasized that the advances were part of the working capital and not in the capital field, relying on precedent that such irrecoverable amounts are considered trading losses. Both appeals were partly allowed. Case-Laws Income Tax Wed, 29 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194814