ITAT Allows ₹468 Crore Write-Off for Advances to Subsidiary as Business Loss

Adarsh Developers Vs DCIT (ITAT Bangalore) Bengaluru, India – The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has delivered a significant ruling affirming the right of Adarsh Developers, a prominent property development firm, to claim a substantial write-off of ₹468.80 crores as a business loss. The decision, pronounced on April 29, 2025, dismissed an appeal by the Deputy Commissioner of Income Tax (DCIT), upholding the initial allowance granted by the Commissioner of Income Tax (Appeals) [CIT(A)]. The case centered on the tax treatment of advances extended by Adarsh Developers ...