https://www.taxtmi.com/caselaws?id=415994 The Tribunal allowed the appeal filed by the assessee, determining that the amount written off as business advances should be considered a trading loss and allowed as a business expenditure under section 28 of the Income Tax Act, 1961. The Tribunal emphasized the importance of setting off legitimate trading losses to arrive at the real profit chargeable to tax. The decision, pronounced on 30th November 2021, favored the assessee, indicating a successful outcome in the case. en-us Tue, 30 Nov 2021 00:00:00 +0530 Fri, 09 Sep 2022 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415994 The Tribunal allowed the appeal filed by the assessee, determining that the amount written off as business advances should be considered a trading loss and allowed as a business expenditure under section 28 of the Income Tax Act, 1961. The Tribunal emphasized the importance of setting off legitimate trading losses to arrive at the real profit chargeable to tax. The decision, pronounced on 30th November 2021, favored the assessee, indicating a successful outcome in the case. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415994