https://www.taxtmi.com/caselaws?id=308763 The Tribunal upheld the disallowance of advances written off as capital loss, emphasizing the distinction between capital and revenue expenditures, following the Supreme Court's ruling. Additionally, the Tribunal ruled that the incentive deposit received for rebranding should be treated as income in the year of receipt, rejecting the argument of potential future repayment. The decision underscores the importance of correctly categorizing expenses and income under the Income Tax Act. en-us Thu, 20 Jan 2022 00:00:00 +0530 Wed, 19 Jul 2023 20:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308763 The Tribunal upheld the disallowance of advances written off as capital loss, emphasizing the distinction between capital and revenue expenditures, following the Supreme Court's ruling. Additionally, the Tribunal ruled that the incentive deposit received for rebranding should be treated as income in the year of receipt, rejecting the argument of potential future repayment. The decision underscores the importance of correctly categorizing expenses and income under the Income Tax Act. Case-Laws Income Tax Thu, 20 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308763