Business Advances Deductible as Expenses or Losses Under Income Tax Act, Voluntary Write-Offs Not Grounds for Denial.

Advances written off - Once the advances are held to be business advances they are allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business loss. Deduction cannot be denied on the ground that the assessee had suo moto written off the advances. .....

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