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Court Rules Advances to Developer as Business Loss Under Income Tax Act Sections 36(1)(vii) and 37(1.

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Full Text of the Document

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....Allowability of bad debts - advanced to one Developers for booking commercial space in an upcoming construction project - allowable u/s. 36(1)(vii)OR business loss u/s 37(1) - assessee was engaged in the business of real estate and financing - clearly a business loss....

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