Bombay High Court Allows Appeal of Assessee in Income Tax Case — Write-off of Advances and Expenses Held Allowable as Business Loss Under Section 28 of Income Tax Act, 1961. The court held that amounts advanced to a business associate in the course of business dealings and written off as irrecoverable are deductible as business loss.
9 Jun 2023The appellant, Mahindra and Mahindra Ltd., a public limited company engaged in manufacturing and trading, filed an appeal under Section 206A of the In...
