Loss of bank guarantee due to failure in completing contract as per terms was allowable deduction: ITAT

IT : Where assessee, engaged in business of constructing bus shelters, entered into an agreement with Delhi Transport Corporation for setting up bus queue shelters under BOT basis, since assessee failed to construct bus shelters within time prescribed in agreement, and as a result it lost bank/performance guarantee, loss so incurred being in normal course of business, deserved to be allowed under section 28(i)

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