Rs. 7 Crore Property Advance Forfeiture Accepted as Genuine Business Expense u/s 37(1) of Income Tax Act.

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....Nature of expenditure - forfeiture of advance of ₹ 7 crores - against purchase of property - once the parties to the transaction have accepted the forfeiture and the assessee has not made any claim or the amount was otherwise not paid to the assessee then there is no reason to treat the forfeiture as non-genuine - Allowed as business expenditure u/s 37(1)....