https://www.taxtmi.com/caselaws?id=468064 An amount advanced for business purposes to meet common overhead expenses was treated as a genuine business outlay, not a bogus claim. Although the assessee had also sought deduction under section 37(1) and section 36(1)(vii), the decisive alternative plea was that the sum was deductible as a business loss under section 28 if not allowable as expenditure. The lower authorities had sustained the addition without addressing that alternative basis. On the record, the loss arose from recovery difficulties in the ordinary course of business, so the claim was allowable as a business loss and the addition was deleted. en-us Tue, 15 Nov 2022 00:00:00 +0530 Wed, 15 Apr 2026 16:52:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468064 An amount advanced for business purposes to meet common overhead expenses was treated as a genuine business outlay, not a bogus claim. Although the assessee had also sought deduction under section 37(1) and section 36(1)(vii), the decisive alternative plea was that the sum was deductible as a business loss under section 28 if not allowable as expenditure. The lower authorities had sustained the addition without addressing that alternative basis. On the record, the loss arose from recovery difficulties in the ordinary course of business, so the claim was allowable as a business loss and the addition was deleted. Case-Laws Income Tax Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468064