https://www.taxtmi.com/caselaws?id=446209 ITAT Delhi allowed the appeal regarding write-off of loans and advances to joint venture company. The court held that business losses are allowable under section 28(i) read with section 36(1)(vii) or section 37(1) as normal business losses, following Supreme Court precedent in Madnani Development Corporation. The matter was remanded to AO for fresh consideration. Additionally, ITAT directed deletion of disallowances for bad debts written off, including supplier debit balances and employee loans, noting that genuineness was undisputed and amounts were given during normal business operations, making them allowable deductions. en-us Wed, 13 Sep 2023 00:00:00 +0530 Mon, 27 Nov 2023 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446209 ITAT Delhi allowed the appeal regarding write-off of loans and advances to joint venture company. The court held that business losses are allowable under section 28(i) read with section 36(1)(vii) or section 37(1) as normal business losses, following Supreme Court precedent in Madnani Development Corporation. The matter was remanded to AO for fresh consideration. Additionally, ITAT directed deletion of disallowances for bad debts written off, including supplier debit balances and employee loans, noting that genuineness was undisputed and amounts were given during normal business operations, making them allowable deductions. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446209