https://www.taxtmi.com/caselaws?id=458023 The ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal deleted additions made for advance receipts from customers, holding that the assessee correctly accounted income on a periodical basis following regular accounting standards. Regarding written-off advances to suppliers, the tribunal allowed the deduction under Section 37(1) read with Section 28, treating it as business loss rather than bad debt. The tribunal also permitted write-offs of TDS recoverable and rent deposits as legitimate business deductions. Additionally, excess TDS deposits that couldn't be recovered from the department were allowed as deductions. The tribunal dismissed the revenue's appeal regarding depreciation on goodwill, upholding the CIT(A)'s decision to allow depreciation on intangible assets. en-us Mon, 17 Sep 2018 00:00:00 +0530 Thu, 03 Oct 2024 20:06:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458023 The ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal deleted additions made for advance receipts from customers, holding that the assessee correctly accounted income on a periodical basis following regular accounting standards. Regarding written-off advances to suppliers, the tribunal allowed the deduction under Section 37(1) read with Section 28, treating it as business loss rather than bad debt. The tribunal also permitted write-offs of TDS recoverable and rent deposits as legitimate business deductions. Additionally, excess TDS deposits that couldn't be recovered from the department were allowed as deductions. The tribunal dismissed the revenue's appeal regarding depreciation on goodwill, upholding the CIT(A)'s decision to allow depreciation on intangible assets. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458023