https://www.taxtmi.com/caselaws?id=424977 The ITAT dismissed the appeal, upholding the disallowance of the claimed business loss of Rs.5,55,20,973/- and the interest expenditure of Rs.18,58,444/-. The court found that the appellant's advances were not for carrying out its business and were treated as capital investments, not trading advances. The ITAT concluded that the appellant failed to meet the conditions for claiming the write-off as a business expenditure. The decision was pronounced on 6th June 2022. en-us Mon, 06 Jun 2022 00:00:00 +0530 Tue, 12 Jul 2022 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424977 The ITAT dismissed the appeal, upholding the disallowance of the claimed business loss of Rs.5,55,20,973/- and the interest expenditure of Rs.18,58,444/-. The court found that the appellant's advances were not for carrying out its business and were treated as capital investments, not trading advances. The ITAT concluded that the appellant failed to meet the conditions for claiming the write-off as a business expenditure. The decision was pronounced on 6th June 2022. Case-Laws Income Tax Mon, 06 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424977