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Showing contexts for: begging act in Sudarshan Yellaiah Pathipaka, ... vs Acit, Central Circle-3 Thane, A-Wing ... on 26 September, 2024Matching Fragments
5. Even if, as contended by AO, advance given is taken as in the capital field, write off of advance is allowable as business expenditure u/s.37(1). It has been held by Hon. Delhi High Court in case of CIT VS New Delhi Hotels Ltd (Dated: March 22, 2012), reported at 2012- TIOL- 227-HC-DEL-IT, that loss arising from payment made for purchase of property but not refunded is allowable u/s.37 of the Act. Appellants beg to rely upon decision in case of New Delhi Hotels (Supra).