Debts Claim Allowable Only if Nexus with Carrying on of Business or Trade is Established: ITAT Directs CIT(A) Re-adjudication [Read Order]

By Fathima Karama A.M - On August 12, 2023 2:00 pm - 2 mins read

Debts Claim Allowable - Debts Claim - Claim - Debts - Nexus - Carrying on of Business or Trade is Established - Business - Trade - ITAT Directs CIT(A) Re-adjudication - ITAT - CIT(A) - Re-adjudication - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has directed Commissioner of Income Tax Appeals (CIT(A)) re-adjudication holding that the debts claimed would be allowable only if nexus with carrying on of business or trade was established. Anil Bhalla on behalf of the assessee, Centum Learning Ltd submitted that the CIT(A) had erred both…

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