Disallowing the business advances written off - Trading loss u/s ...

Income Tax

December 18, 2021

Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there is no dispute that the advances were given by the assessee in the normal course of its business and when a loss arises due to non-recovery of such advances and when the same is irrecoverable and written off as such, the same should be allowed as a business loss while computing the profit and gains of business. - AT

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Disallowing the business advances written off - Trading loss u/s ...

Income Tax

December 18, 2021

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