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Advance to supplier for purchase of fixed assets

This query is : Resolved 
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(Querist)
12 March 2014 Hello Professional Friends,

One of my client has paid an amount of Rs.75,000 to a Vendor as advance towards purchase of computers. But before the delivery date the vendor discontinued the business and is not traceable right now.

How to treat this loss of Rs 75000 ?? Please suggest appropriate accounts head.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 March 2014 It is a business loss which is admissible as deduction u/s 37 of the Income Tax Act.
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