https://www.taxtmi.com/caselaws?id=752379 ITAT Chennai-AT partially allowed the assessee's appeal regarding bad debts and settlement expenditure claims. The tribunal held that expenditure related to land purchase constituted capital loss and was not deductible. However, Rs. 109.42 lacs written off against SICAL for transport services and amounts due from SFCL Dubai were allowed as business losses arising in ordinary course of business. Regarding settlement expenditure, the tribunal allowed full deduction, ruling that corporate guarantee payments were incidental to business operations and commercially expedient, not capital expenditure, following precedents including W.S. Industries and Amalgamation Pvt. Ltd. en-us Wed, 10 Jan 2024 00:00:00 +0530 Wed, 08 May 2024 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752379 ITAT Chennai-AT partially allowed the assessee's appeal regarding bad debts and settlement expenditure claims. The tribunal held that expenditure related to land purchase constituted capital loss and was not deductible. However, Rs. 109.42 lacs written off against SICAL for transport services and amounts due from SFCL Dubai were allowed as business losses arising in ordinary course of business. Regarding settlement expenditure, the tribunal allowed full deduction, ruling that corporate guarantee payments were incidental to business operations and commercially expedient, not capital expenditure, following precedents including W.S. Industries and Amalgamation Pvt. Ltd. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752379