https://www.taxtmi.com/caselaws?id=366886 The Tribunal allowed the appeal for statistical purposes, remitting the matter back to the Assessing Officer for verification. It was held that the expenditure on advances written off could be considered as a business loss under Section 37(1) read with Section 28(1) as it related to the abandonment of a project, despite not qualifying as bad debts under Section 36(1)(vii). The Tribunal emphasized the need to meet specific provisions for claims and referenced relevant case law supporting the treatment of expenses for abandoned projects as revenue expenditure. en-us Fri, 07 Sep 2018 00:00:00 +0530 Wed, 12 Sep 2018 09:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366886 The Tribunal allowed the appeal for statistical purposes, remitting the matter back to the Assessing Officer for verification. It was held that the expenditure on advances written off could be considered as a business loss under Section 37(1) read with Section 28(1) as it related to the abandonment of a project, despite not qualifying as bad debts under Section 36(1)(vii). The Tribunal emphasized the need to meet specific provisions for claims and referenced relevant case law supporting the treatment of expenses for abandoned projects as revenue expenditure. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366886