https://www.taxtmi.com/caselaws?id=305622 The Tribunal allowed the appellant's appeal regarding the deduction of an advance payment made to the Municipal Corporation of Faridabad. It was held that the advance was for acquiring stock-in-trade, not a fixed asset, and the loss incurred was in the revenue field, making it deductible. The Tribunal confirmed the deduction of the advance payment as a loss under section 29 of the Income-tax Act, 1961, emphasizing the difference between revenue and capital expenditure in business transactions. en-us Mon, 27 Dec 2010 00:00:00 +0530 Thu, 15 Dec 2022 15:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305622 The Tribunal allowed the appellant's appeal regarding the deduction of an advance payment made to the Municipal Corporation of Faridabad. It was held that the advance was for acquiring stock-in-trade, not a fixed asset, and the loss incurred was in the revenue field, making it deductible. The Tribunal confirmed the deduction of the advance payment as a loss under section 29 of the Income-tax Act, 1961, emphasizing the difference between revenue and capital expenditure in business transactions. Case-Laws Income Tax Mon, 27 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305622