2019 (5) TMI 199

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....ul K. Jasani for Respondent.   P. C. : 1. This Appeal is filed by the Revenue to challenge the Judgment of the Income Tax Appellate Tribunal. 2. The following question is presented for our consideration. "Whether on the facts and in circumstances of the case and in law, the ITAT while upholding the order of the CIT(A) that bad debt in the nature of advance is not allowable u....

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....o one Bhansali Developers for booking commercial space in an upcoming construction project. For some reason, this deal failed. The Assessee, despite full efforts, could not get refund of the said advanced amount. The Revenue was of the opinion that such amount cannot be claimed by way of business loss also because buying and selling commercial space, was not the business of the Assessee. 5. The....

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....ctors of buildings, houses, apartments, structures for residential, office, industrial, institutional or commercial purposes and developers of cooperative housing societies, developers of housing schemes, townships, holiday resorts, hotels, motels, farms, holiday homes, clubs, recreation centres and in particular preparing of building sites, constructing, reconstructing, erecting, altering, improv....