https://www.taxtmi.com/caselaws?id=753985 The ITAT Delhi ruled in favor of the assessee regarding disallowance of advance written off as expense under section 36(2). The tribunal held that advances given in the course of business with direct nexus to business operations constitute revenue expenditure, not capital loss. Following precedents from Mysore Sugar Co. Ltd and Appollo Tyres Ltd, the tribunal determined that business advances for revenue items are deductible under section 37 of the Income Tax Act, 1961. The assessee's appeal was allowed. en-us Wed, 01 May 2024 00:00:00 +0530 Thu, 13 Jun 2024 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753985 The ITAT Delhi ruled in favor of the assessee regarding disallowance of advance written off as expense under section 36(2). The tribunal held that advances given in the course of business with direct nexus to business operations constitute revenue expenditure, not capital loss. Following precedents from Mysore Sugar Co. Ltd and Appollo Tyres Ltd, the tribunal determined that business advances for revenue items are deductible under section 37 of the Income Tax Act, 1961. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753985