https://www.taxtmi.com/caselaws?id=768134 The Bombay HC upheld ITAT's deletion of addition regarding advances written off, finding the claim admissible as the assessee provided adequate evidence of unrecoverable advances to over 50 parties. The court noted that given the assessee's total income exceeding Rs.30 crore, the Rs.7,66,713 write-off was reasonable. However, regarding Section 10B deduction for "Site Transfer Income," the HC found ITAT's order lacked proper reasoning and failed to explain how such income qualified for deduction. The matter was remanded to ITAT for a reasoned decision with proper opportunity for both parties to be heard. en-us Wed, 26 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768134 The Bombay HC upheld ITAT's deletion of addition regarding advances written off, finding the claim admissible as the assessee provided adequate evidence of unrecoverable advances to over 50 parties. The court noted that given the assessee's total income exceeding Rs.30 crore, the Rs.7,66,713 write-off was reasonable. However, regarding Section 10B deduction for "Site Transfer Income," the HC found ITAT's order lacked proper reasoning and failed to explain how such income qualified for deduction. The matter was remanded to ITAT for a reasoned decision with proper opportunity for both parties to be heard. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768134