{"id":16566,"date":"2021-04-14T11:01:16","date_gmt":"2021-04-14T05:31:16","guid":{"rendered":"https:\/\/itatonline.org\/digest\/dcit-v-dml-exim-p-ltd-2020-184-itd-432-rajkottrib-2\/"},"modified":"2021-04-14T11:01:16","modified_gmt":"2021-04-14T05:31:16","slug":"dcit-v-dml-exim-p-ltd-2020-184-itd-432-rajkottrib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dcit-v-dml-exim-p-ltd-2020-184-itd-432-rajkottrib-2\/","title":{"rendered":"DCIT v. DML Exim (P.) Ltd. (2020) 184 ITD 432 (Rajkot)(Trib.)"},"content":{"rendered":"<p>Assessee was engaged in business of trading of agricultural products, building construction and generation of power\/energy. The assessee written off the forfeiture of advance as bad debt. The AO disallowed the said loss.\u00a0 Tribunal held that loss was incurred in character of trade and during ordinary course of business therefore\u00a0 forfeiture of advance was a business loss having direct nexus with operation of business and was incidental to business carried too hence, was allowable. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss-Forfeiture of advance-Allowable as business loss having direct nexus with operation of business and is incidental to business. [S. 36(1)(vii), 36(2)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-16566","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4jc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=16566"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16566\/revisions"}],"predecessor-version":[{"id":16567,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/16566\/revisions\/16567"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=16566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=16566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=16566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}