mr.-jackie-shroff-vs.-a.c.i.t.-itat-mumbai


the Ld.CIT(A) having 

held that the amount advanced by the assessee are business advances 

is wrong in holding that the said advances cannot be held as deduction as 

the assessee had written off advances suomoto. We are in agreement 

with the Ld.CIT(A) that the advances written off by the assessee are 

business advances and there is no challenge by the Revenue to this 

finding. Once the advances are held to be business advances they are 

allowable as deduction either u/s. 37(1) or u/s. 28 of the Act as business 

loss. Deduction cannot be denied on the ground that the assessee had 

suomoto written off the advances. Thus we reverse the finding of the 

Ld.CIT(A) to that extent and direct the Assessing Officer to allow the claim 

of write off of advances by the assessee as business loss u/s. 28 of the 

Act. 

User Comments


×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com