Loss of security deposit against rented premises is business loss

Advertisement M/s Outworks Solutions [P] Ltd Vs JCIT (ITAT Delhi) No doubt, the assessee claimed write off as bed debt but it is equally true that the assessee did explain the sequence of events which prompted it for the said write off. There is no denying that the assessee does not fulfill the conditions mandated in section 36(2) r.w.s 36(1)(vii) of the Act. It is equally true that the loss of security deposit is business loss in the revenue field because the said security deposit was given in the ordinary course of business of the assessee and since the assessee had to shift the business ...