Tribunal held that the , assesse did not acquired any capital asset, it simply paid advance amount to acquisition of capital asset such amount of loss was incidental to the business, hence allowable as business loss . (AY 2006 – 2007 to 2008-2009)
Dy.CIT v. Mcnally Bharat Engineering Co. Ltd. (2018) 191 TTJ 822 (Kol.)(Trib.)
S.28(i) : Business loss -Advance to purchase of land- loss incurred on account of irrevocable advance paid for purchase of land for construction of office is held to be allowable as business loss .