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Income Tax - Highlights / Catch Notes

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Claim of expenditure of the amount forfeited by the Seller for ...


Court Upholds Businessman's Prerogative in Claiming Forfeited Amount as Genuine Business Expenditure Despite Loss.

July 19, 2016

Case Laws     Income Tax     HC

Claim of expenditure of the amount forfeited by the Seller for non-fulfillment of the purchase agreement - assessee is dealer in immovable property and it is for a businessman to decide the manner in which he should conduct his business and take steps which are in the best interest of his business. A mere loss in a venture does not mean that the transaction is not genuine. - HC

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