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Advance Loss Treated as Trading Loss: ITAT Allows ₹1.5 Cr Write-Off
Case Law Details
- Case Name
- Bengal Omnitech Nirman Limited Vs ACIT/ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Kolkata
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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 project & treated the loss as capital in nature. CIT(A) upheld the disallowance.
Tribunal observed that the ad...
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