Business Advances Deductible as Expenses or Losses Under Income Tax Act, Voluntary Write-Offs Not Grounds for Denial.

Business Advances Deductible as Expenses or Losses Under Income Tax Act, Voluntary Write-Offs Not Grounds for Denial. https://www.taxtmi.com/highlights?id=43804 Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss. Deduction cannot be denied on the ground that the assessee had suo moto written off the advances. en-us Wed, 09 Jan 2019 08:24:02 +0530 Fri, 03 May 2024 19:13:21 +0530 TaxTMI RSS Generator Business Advances Deductible as Expenses or Losses Under Income Tax Act, Voluntary Write-Offs Not Grounds for Denial. https://www.taxtmi.com/highlights?id=43804 Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss. Deduction cannot be denied on the ground that the assessee had suo moto written off the advances. Highlights Income Tax Wed, 09 Jan 2019 08:24:02 +0530 https://www.taxtmi.com/highlights?id=43804