The Income Tax Appellate Tribunal (ITAT) Delhi Bench held that the loss arising from forfeiture of the advance paid on convertible warrants is a business loss. The ruling was made by a bench of ITAT consisting of Shri R.K. Panda, Accountant Member and Ms. Suchitra Kamble, Judicial Member, in the case of Lustre Merchants Pvt. […]
The post Loss arising from Forfeiture of Advance Paid on Convertible Warrants is Business Loss: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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