https://www.taxtmi.com/caselaws?id=419104 The Tribunal allowed the appeal of a private limited company, directing the Assessing Officer to permit the claim of Rs. 6,61,299 as a business loss. The disallowance of the trading/business loss claimed on account of advance forfeited was overturned, with the Tribunal determining that the amount forfeited was a business loss related to the regular course of business operations, not a capital advance. The decision was rendered on 25th February 2022 in Kolkata. en-us Fri, 25 Feb 2022 00:00:00 +0530 Thu, 03 Mar 2022 06:50:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419104 The Tribunal allowed the appeal of a private limited company, directing the Assessing Officer to permit the claim of Rs. 6,61,299 as a business loss. The disallowance of the trading/business loss claimed on account of advance forfeited was overturned, with the Tribunal determining that the amount forfeited was a business loss related to the regular course of business operations, not a capital advance. The decision was rendered on 25th February 2022 in Kolkata. Case-Laws Income Tax Fri, 25 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419104