Disallowance on account of loss - The dynamics of business are ...

Income Tax

October 10, 2023

Disallowance on account of loss - The dynamics of business are variable and depend upon several factors and consideration, based on which assessee takes its business decision. In the present case before us, assessee found its expansion by setting up a clinic as economically not viable and in order to save its future loss has dropped and abandoned the said project. In order to mitigate the future loss, and to recoup maximum for the expenditure already incurred, the assets deployed on the expansion were put to sell, resulting in the loss which has been claimed by the assessee in computing its profit and loss from business. - Claim allowed - AT

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Disallowance on account of loss - The dynamics of business are ...

Income Tax

October 10, 2023

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