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Case Law Details

Case Name : Canara Housing Development Company Vs DCIT (ITAT Bangalore)
Related Assessment Year : 2013-14
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Canara Housing Development Company Vs DCIT (ITAT Bangalore)

ITAT held that advances given for purchase of land in the normal course of business of carrying on real estate development, if not recoverable could be allowed as either trading loss u/s 28 of the Act or as expenditure u/s 37 of the Act. In fact, the AO has accepted the loss to the extent of Rs.1.94 crores specifically observing that these kinds of payments/write off are incidental to the business, meaning thereby, the AO has actually applied the provisions of sec.2

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