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Forfeiture of amount advanced in ordinary course of business was allowable as business expenditure

January 6, 2020[2020] 114 taxmann.com 688 (Delhi)/[2020] 270 Taxman 63 (Delhi)
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INCOME TAX : Where assessee-company engaged in business of development of real estate had, in ordinary course of business, made certain advance for purchase of land to construct commercial complex but same was forfeited as assessee could not make payment of balance amount, forfeiture of advance would be allowed as business expenditure

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