Monday, July 22, 2019

Loss arrived at while giving effect to ITAT's order to be allowed, though claim of loss wasn't raised in ITR

INCOME TAX: Where business loss was arrived at by Assessing Officer while giving effect to order of Tribunal, said loss could be carried forward and benefit of set off against business income in subsequent assessment years could be allowed to assessee even in absence of such claim in return of income

from www.taxmann.com Latest Case Laws https://ift.tt/2JKPZoD

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...