ITAT, Bangalore: Irrecoverable Advances for Land for Real Estate Development Business Allowable - 02.05.2022

Income Tax Appellate Tribunal, Bangalore has ruled that the advances agreed for purchase of land in the normal course of business of carrying on real estate development, if not recoverable could be permitted as either trading loss under section 28 of the Income Tax Act, 1961.

Tags : Income Tax Appellate Tribunal Income Tax Act 1961 Real estate development

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