Advance forfeited by the vendor, expenses allowed or not
This query is : Resolved
03 June 2013
i am a businessman and doing business of property sale purchase, in case i have given any sum towards advance to any person and in future above deal did not materialize and advance paid to vendor forfeited by him. my question is that above forfeited amount claim as business expenditure.
05 June 2013
Yes you can claim it.
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