https://www.taxtmi.com/caselaws?id=782878 ITAT Kolkata allowed the assessee's appeal in full, reversing all disallowances and additions made by the AO and sustained by CIT(A). The Tribunal held that the advance written off was a trading loss allowable as business loss, notwithstanding recognition of project revenue under the project completion method. Interest paid on refund of customer advances upon cancellation of flat bookings was held to be a deductible business expenditure. Interest on unsecured loans from directors through current accounts was accepted as reasonable, following past practice. Addition to closing stock due to erroneous area figures was deleted as revenue-neutral. Disallowances under s.43B for outstanding service tax and professional tax were also deleted. en-us Tue, 02 Dec 2025 00:00:00 +0530 Fri, 05 Dec 2025 08:12:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782878 ITAT Kolkata allowed the assessee's appeal in full, reversing all disallowances and additions made by the AO and sustained by CIT(A). The Tribunal held that the advance written off was a trading loss allowable as business loss, notwithstanding recognition of project revenue under the project completion method. Interest paid on refund of customer advances upon cancellation of flat bookings was held to be a deductible business expenditure. Interest on unsecured loans from directors through current accounts was accepted as reasonable, following past practice. Addition to closing stock due to erroneous area figures was deleted as revenue-neutral. Disallowances under s.43B for outstanding service tax and professional tax were also deleted. Case-Laws Income Tax Tue, 02 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782878