Security deposit forfeited against outstanding rent is allowable

The brief facts are that assessee engaged in the business of Super Market/Hyper Market filed its original return of income on 15.10.2010 declaring loss of Rs.13,87,46,874/- which was revised to Rs.14,20,95,245/- by filing revised return on 24.01.12. The assessment was completed u/s 143(3) on 20.12.2012 determining the loss at Rs.13,77,94,205/- and while completing the assessment the Assessing officer disallowed sundry balances written off of Rs.43,01 ,040/-. The assessing officer in the assessment proceedings noticed that assessee has debited a sum of Rs.43,01 ,

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