Advance Loss Treated as Trading Loss: ITAT Allows ₹1.5 Cr Write-Off

Bengal Omnitech Nirman Limited Vs ACIT/ITO (ITAT Kolkata)

Advance Lost in Project = Trading Loss: ITAT Allows ₹1.5 Cr Write-Off & Higher Interest to Directors Justified in Current-Account Dealings

Assessee, a real-estate developer, claimed business loss of ₹1,50,00,000 written off as bad debt towards advance paid to New Look Intex P. Ltd. for supply of ready-mix concrete for the Omni Lake View project. AO disallowed the claim holding that no revenue was recognised from the pr

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