https://www.taxtmi.com/caselaws?id=421642 The Tribunal partly allowed the appeal of the assessee by upholding the allowability of the claim of advances written off as trading losses under section 28 of the Income Tax Act. The Tribunal directed the Assessing Officer to grant deductions for the written-off amounts for both trade receivables and trade advances, concluding that these amounts qualified as business losses. en-us Tue, 29 Mar 2022 00:00:00 +0530 Fri, 29 Apr 2022 08:18:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421642 The Tribunal partly allowed the appeal of the assessee by upholding the allowability of the claim of advances written off as trading losses under section 28 of the Income Tax Act. The Tribunal directed the Assessing Officer to grant deductions for the written-off amounts for both trade receivables and trade advances, concluding that these amounts qualified as business losses. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421642