Saturday, March 21, 2020

Forfeiture of amount advanced in ordinary course of business was allowable as business expenditure

INCOME TAX : Where assessee-company engaged in business of development of real estate had, in ordinary course of business, made certain advance for purchase of land to construct commercial complex but same was forfeited as assessee could not make payment of balance amount, forfeiture of advance would be allowed as business expenditure

from www.taxmann.com Latest Case Laws https://ift.tt/399CPLl

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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...