Claim of forfeiture of Advance Rent allowable as business expense

Genesis Color Pvt. Ltd. Vs DCIT (ITAT Delhi) Conclusion: Advances rent during the course of opening of showroom were given in the course of business by assessee and for the purpose of commercial expediency. Therefore, forfeiture of the same by the concerned party had rightly claimed by assesseee as business loss. Held: Assessee claimed Rs. 30,37,439/- on account of advances written off. The money was given as an advance rent during the course of business for opening of showrooms in various places. The Company was not able to open the show rooms as it could not procure requisite license for op...