Business claim allowable in the year in which it is incurred and not in the year of write off

Brief about Case The assessee company was engaged in the business of real estate development. Vide order of Hon’ble High Court, 19 Group companies engaged in similar business were merged in the assessee company w.e.f 01.04.1999. These companies had purchased stamp papers worth Rs.24290550/- for execution of various land purchased from various farmers. However, sale deeds could not be executed as farmers had refused to execute the same and therefore, in view of Stamp Act, an application for refund of 90% of stamp paper value was filed on 27.04.2001 before Collector Gurgaon after writing of Rs...