Advance for purchase written off as bad debts allowed as business expenditure u/s 37(1)
May 2, 2025
Income Tax, ITAT
Advance given for purchase and subsequently written off in Profit and Loss account as bad debts allowed as business expenditure u/s 37(1) In a recent judgment, ITAT Chandigarh allowed deduction under section 37(1) as business expenditure towards advance written off as irrecoverable bad debts, following the Supreme Court …
