https://www.taxtmi.com/caselaws?id=423072 The ITAT allowed the appeal, directing a fresh examination by the AO regarding the disallowance of a write-off of property advances amounting to Rs. 7.86 crores as bad debts. The ITAT found the AO's disallowance arbitrary and inconsistent, noting that smaller advances were allowed. It opined that if the advances were unrecoverable, they could be treated as trading loss or expenditure. The ITAT emphasized the need for a uniform application of criteria for all advances and provided the appellant with a fair hearing opportunity for reevaluation under relevant sections of the Income Tax Act. en-us Thu, 28 Apr 2022 00:00:00 +0530 Fri, 27 May 2022 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423072 The ITAT allowed the appeal, directing a fresh examination by the AO regarding the disallowance of a write-off of property advances amounting to Rs. 7.86 crores as bad debts. The ITAT found the AO's disallowance arbitrary and inconsistent, noting that smaller advances were allowed. It opined that if the advances were unrecoverable, they could be treated as trading loss or expenditure. The ITAT emphasized the need for a uniform application of criteria for all advances and provided the appellant with a fair hearing opportunity for reevaluation under relevant sections of the Income Tax Act. Case-Laws Income Tax Thu, 28 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423072