ITAT Allows Bad Debt Claim as Advances Were Given in Ordinary Course of Financing Business

ACIT Vs Agnus Holdings Private Limited (ITAT Bangalore) Bangalore ITAT Upholds Bad Debt Write-Off – Loans Advanced in Ordinary Course of Financing Business Allowable u/s 36(1)(vii) The Income Tax Appellate Tribunal, Bangalore Bench, dismissed the Revenue’s appeal for assessment year 2018-19 against the order of the Commissioner of Income Tax (Appeals), which had deleted the disallowance of Rs.2.25 crore relating to advances written off by the assessee company. The assessee, engaged in investment, finance, and trading in shares, had filed its return declaring a loss. Following reopening...