The High Court held that embezzlement of cash by director of assessee is allowable as Business loss and recovery of amount or outcome of pending criminal prosecution against director before Magistrate Court is not relevant. Facts The assessee claimed as bad debt u/s 36 of the Income-tax Act, 1961 the amount embezzled by a director, […]
PCIT VS. KHYATI REALTORS PVT. LTD. [ITA NO. 291 OF 2017; (BOMBAY HIGH COURT)]
Advance paid for booking commercial space in ordinary course of business, which becomes irrecoverable, is allowable as deduction Facts of the Case The assessee, a private limited company, had advanced a sum of Rs. 10 crores to Bhansali Developers for booking commercial space in an upcoming construction project. For some reason, the deal failed. The […]