Writing off security deposit is allowable if Co. discontinued its business for which such deposit was made: HC

INCOME TAX : Where assessee had deposited a certain sum as security with 'T' for leave and license operations to take over operations of 'T' for a period of 24 months at an agreed monthly lease rent, however, assessee was able to carry on business only for six months and suffered loss and business could not be continued thereafter and assessee wrote off said security deposit paid to 'T' as irrecoverable security deposit for previous assessment year,

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