ITAT allows Deduction in Respect of written off Irrevocable Advances on Inextricable Link between Advances to Business and Company

ITAT - deduction - advances - written off irrevocable advances - business - company

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has allowed deduction in respect of written off irrevocable advances based on the inextricable link between advances to business and company. During the course of assessment proceedings, the AO noticed that the assessee, V Krishnamurthy, had debited a sum under the head ‘investment written-off’ to its…

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