Bombay High Court Allows Assessee's Appeal in Income Tax Case — Forfeited Amount Under Abandoned Contract Held as Revenue Expenditure. Amount forfeited for failure to complete purchase of windmill project treated as business loss deductible under Section 37(1) of Income Tax Act, 1961, not capital expenditure....
The appellant, an individual assessee, filed his return of income for the assessment year 2009-2010 claiming a deduction of Rs.90,00,000/- as revenue expenditure. This amount represented an advance pa...
