https://www.taxtmi.com/caselaws?id=310391 The Tribunal partially allowed the appeal, specifically regarding the disallowance of advances (Input Cenvat Credit) amounting to Rs. 91,81,394/-. It held that the write-off of these advances was allowable as a business expenditure under section 37(1) of the Income Tax Act, as they met the necessary conditions for deduction. The Tribunal relied on relevant case law and evidence to support its decision, allowing this particular ground of the assessee's appeal. Other grounds, such as jurisdiction and limitation, were dismissed or not pressed by the assessee. en-us Fri, 16 Jun 2023 00:00:00 +0530 Sat, 21 Oct 2023 07:00:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310391 The Tribunal partially allowed the appeal, specifically regarding the disallowance of advances (Input Cenvat Credit) amounting to Rs. 91,81,394/-. It held that the write-off of these advances was allowable as a business expenditure under section 37(1) of the Income Tax Act, as they met the necessary conditions for deduction. The Tribunal relied on relevant case law and evidence to support its decision, allowing this particular ground of the assessee's appeal. Other grounds, such as jurisdiction and limitation, were dismissed or not pressed by the assessee. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310391