MRI Deposit Write-off Remanded Due to Unexamined Section 37(1) & 28 Applicability

DCIT Vs Hubli Scan Centre Pvt. Ltd. (ITAT Bangalore) MRI Deposit Write-off Under Scanner: ITAT Restores ₹4.19 Cr Claim to CIT(A) for Fresh Examination u/s 37(1) & 28 Bangalore ITAT has set aside the order of NFAC-CIT(A) deleting disallowance of ₹4.19 crore claimed by Hubli Scan Centre Pvt. Ltd. as business loss/expenditure u/s 37(1) on account of deposit & loan written off given to its associate concern, Suchirayu Health Care Solutions Ltd. The Assessee, engaged in diagnostic services, had advanced about ₹5 crore as security deposit under agreements (2013, revised 2015) for propo...