Reflection of business loss in column bad & doubtful in ITR doesn’t affect its allowability

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 of expenses which ...