Saturday, May 25, 2019

ITAT disallowed deduction of unrecovered advances written off as assessee couldn't substantiate his claim

IT: Where assessee had claimed write off of advances given by it to suppliers for purchase of raw materials as suppliers neither supplied materials nor returned money, since assessee could not produce any evidence to prove that advances were paid during ordinary course of business, write off of same could not be allowed as business loss

from www.taxmann.com Latest Case Laws http://bit.ly/30K4iAc

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...