Loss due to forfeiture of security deposits given for lease of rental premises allowable By Anand Gupta TaxGuru

Loss due to forfeiture of security deposits given for lease of rental premises allowable ACIT Vs Benetton India Pvt. Ltd. (ITAT Delhi) The assessee submitted that the advances written off is not a capital loss as it is written off as security deposits against the shops obtained on rent. Such write off of security deposits was incidental to the business of the assessee and was for running its operations. […]

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