https://www.taxtmi.com/highlights?id=61008 Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there is no dispute that the advances were given by the assessee in the normal course of its business and when a loss arises due to non-recovery of such advances and when the same is irrecoverable and written off as such, the same should be allowed as a business loss while computing the profit and gains of business. - AT en-us Sat, 18 Dec 2021 14:42:08 +0530 Sat, 18 Dec 2021 14:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61008 Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there is no dispute that the advances were given by the assessee in the normal course of its business and when a loss arises due to non-recovery of such advances and when the same is irrecoverable and written off as such, the same should be allowed as a business loss while computing the profit and gains of business. - AT Highlights Income Tax Sat, 18 Dec 2021 14:42:08 +0530 https://www.taxtmi.com/highlights?id=61008