Madras High Court Allows Appeal in Income Tax Case — Advances Written Off as Business Loss Under Section 37(1) of Income Tax Act, 1961. Court holds that advances given in the course of construction business, which become irrecoverable and written off, are allowable as business loss under Section 37(1) even if not claimed as bad debt under Section 36(1)(vii).
22 Jan 2026The appellant, M/s. Deccan Estates, a builder, entered into a joint venture agreement on 10.12.1995 with landowners for development of a project named...





