https://www.taxtmi.com/caselaws?id=447655 The ITAT Raipur allowed the assessee's claim for deduction of advance written off as bad debt. The assessee company had advanced money to a commission agent for purchasing agricultural land as stock-in-trade in its real estate business. When the advance became irrecoverable, the company claimed it as business loss. The ITAT held that following the Mysore Sugar Co. Ltd. SC precedent, the written-off advance qualified as deductible business loss since it was incurred in the normal course of business for acquiring stock-in-trade. The lower authorities' disallowance was set aside. en-us Wed, 29 Nov 2023 00:00:00 +0530 Mon, 01 Jan 2024 20:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447655 The ITAT Raipur allowed the assessee's claim for deduction of advance written off as bad debt. The assessee company had advanced money to a commission agent for purchasing agricultural land as stock-in-trade in its real estate business. When the advance became irrecoverable, the company claimed it as business loss. The ITAT held that following the Mysore Sugar Co. Ltd. SC precedent, the written-off advance qualified as deductible business loss since it was incurred in the normal course of business for acquiring stock-in-trade. The lower authorities' disallowance was set aside. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447655