Relief to Benetton India: ITAT allows Business Loss incurred on Forfeiture of Rental Security Deposits [Read Order]

Benetton India - ITAT - BusinessLoss - Rental Security Deposits - taxscan

The Delhi bench of the Income Tax Appellate Tribunal, in a major relief to Benetton India, held that the loss incurred on forfeiture of security deposits given for lease of rental premises can be claimed as business loss. During the year, the assessee has entered into a letter of intent for obtaining shops on lease….

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ACIT, Circle-4(2) vs Benetton India Pvt. Ltd. B-25, Infocity

Counsel for Appellant:   Sh. Atul Jain

Counsel for Respondent:   Sh. M. K. Das

CITATION:   2022 TAXSCAN (ITAT) 185

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