https://www.taxtmi.com/caselaws?id=468084 Genuine trade advances made in the ordinary course of a film production business, when supported by agreements, confirmations and tax deduction compliance, were held to be allowable as a business loss when they became irrecoverable because the proposed projects did not materialise. The claim was not confined to the bad debt provisions, since the amounts were never loans or income and the requirements of section 36(1)(vii) read with section 36(2) were not ative. On ordinary commercial principles, a loss incidental to business and written off as irrecoverable may be deducted under section 28. The disallowance was therefore deleted. en-us Thu, 13 Feb 2025 00:00:00 +0530 Wed, 15 Apr 2026 20:22:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468084 Genuine trade advances made in the ordinary course of a film production business, when supported by agreements, confirmations and tax deduction compliance, were held to be allowable as a business loss when they became irrecoverable because the proposed projects did not materialise. The claim was not confined to the bad debt provisions, since the amounts were never loans or income and the requirements of section 36(1)(vii) read with section 36(2) were not ative. On ordinary commercial principles, a loss incidental to business and written off as irrecoverable may be deducted under section 28. The disallowance was therefore deleted. Case-Laws Income Tax Thu, 13 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468084