https://www.taxtmi.com/caselaws?id=295289 An irrecoverable, interest-free advance made for purchase of residential property in the course of real estate business may be deductible as a genuine business loss even if it is not a trade debt, and limited recovery efforts do not by themselves negate the write-off. The claimed advance was therefore treated as allowable business loss. Interest expenditure disallowed for failure to deduct tax at source requires examination of the proviso to section 40(a)(ia) and the payer's status as an assessee in default under section 201; where the relevant payee-tax facts remain unexamined, the disallowance requires fresh determination. en-us Mon, 16 Oct 2017 00:00:00 +0530 Fri, 28 May 2021 08:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295289 An irrecoverable, interest-free advance made for purchase of residential property in the course of real estate business may be deductible as a genuine business loss even if it is not a trade debt, and limited recovery efforts do not by themselves negate the write-off. The claimed advance was therefore treated as allowable business loss. Interest expenditure disallowed for failure to deduct tax at source requires examination of the proviso to section 40(a)(ia) and the payer's status as an assessee in default under section 201; where the relevant payee-tax facts remain unexamined, the disallowance requires fresh determination. Case-Laws Income Tax Mon, 16 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295289