https://www.taxtmi.com/caselaws?id=285161 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 3.50 crores. The Tribunal found the forfeiture of advance to be a business expenditure, not a capital loss, based on the terms of the agreement and the nature of the business. The Tribunal concluded that the transaction was genuine and in the ordinary course of business, in line with a previous decision by a coordinate bench. en-us Tue, 28 May 2019 00:00:00 +0530 Tue, 31 Dec 2019 10:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285161 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 3.50 crores. The Tribunal found the forfeiture of advance to be a business expenditure, not a capital loss, based on the terms of the agreement and the nature of the business. The Tribunal concluded that the transaction was genuine and in the ordinary course of business, in line with a previous decision by a coordinate bench. Case-Laws Income Tax Tue, 28 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285161