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Reflection of business loss in column bad & doubtful in ITR doesn’t affect its allowability
Case Law Details
- Case Name
- Amarnath Aggarwal Builders Pvt. Ltd. Vs DCIT (ITAT Amritsar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Amritsar
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Amarnath Aggarwal Builders Pvt. Ltd. Vs DCIT (ITAT Amritsar)
ITAT Amritsar held that loss incurred as amount written off paid against advance of land reflected in column ‘bad & doubtful’ in ITR is allowable as business loss as genuinity of transaction not questioned.
Facts- The assessee is a company doing business promoting and development and the housing project. During the assessment proceedings, it was noticed that the assessee has debited Rs.1,10,00,000/- under the head ‘Amount written off paid against advance of land.’
The Revenue asked to explain the nature o...
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