Amount forfeited due to breach of lease contract is allowable Business expenditure

AT & T Communication Services India Private Limited Vs ACIT (ITAT Delhi) Learned AR for the taxpayer contended that since the contract with “In Time” was terminated before commencement of the lease period, 50% of the security deposit forfeited by In Time was written off in the books of account in the financial year 2009-10; that since the loss on account of forfeiture of the deposit is occurred in the course of business, it is revenue in nature and that the taxpayer has been regularly carrying out its business activities from various premises through-out the company and the sai...