Assessee permitted to claim business loss on forfeited amount from canceled property purchase in ordinary business course.

Disallowance of forfeited amount as trade loss - assessee has entered into an agreement and the impugned property was being purchased as stock-in-trade and subsequently expecting loss on selling the property in future, the deal was cancelled - since the transaction was entered in the normal course of business, claim of business loss allowed. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X