Loss on purchase of land or earnest money paid - The undisputed fact is that the assessee is engaged in...

Loss on purchase of land or earnest money paid - The undisputed fact is that the assessee is engaged in the business of real estate and that these payments were made in the course of business and that the earnest money was forfeited resulting into business loss of the assessee. - Such loss is allowable as a deduction - AT .....

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