https://www.taxtmi.com/caselaws?id=433602 The tribunal allowed the appeal of the assessee, ruling that the loss incurred due to non-payment of advances to the subsidiary was a business loss and thus deductible. The tribunal found that the advances were made for commercial reasons, aimed at business expansion and risk mitigation, aligning with the objectives listed in the assessee's memorandum of association. The decision overturned the earlier rulings of the Assessing Officer and CIT(A), emphasizing that the loss qualified as a business deduction under Section 28 or 37(1) of the Income Tax Act. en-us Tue, 31 Jan 2023 00:00:00 +0530 Fri, 03 Feb 2023 22:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433602 The tribunal allowed the appeal of the assessee, ruling that the loss incurred due to non-payment of advances to the subsidiary was a business loss and thus deductible. The tribunal found that the advances were made for commercial reasons, aimed at business expansion and risk mitigation, aligning with the objectives listed in the assessee's memorandum of association. The decision overturned the earlier rulings of the Assessing Officer and CIT(A), emphasizing that the loss qualified as a business deduction under Section 28 or 37(1) of the Income Tax Act. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433602