Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 735 - HC - Income TaxAddition of bid loss - disallowance on the ground that the aforesaid claim pertains to beyond the relevant Previous Year and assessee is following hybrid system of accounting - also held that despite several opportunities being afforded to the assessee, the assessee failed to produce the books of accounts to substantiate the aforesaid loss - HELD THAT:- In the instant case, the Assessing Officer has recorded a finding that the assessee has failed to substantiate its claim by producing evidence. However, the aforesaid aspect of the matter has neither been considered by the Commissioner of Income Tax (Appeals) nor the tribunal. The impugned order insofar as it pertains to allowing the claim of the assessee for bid loss is quashed. The matter is remitted to the Assessing Officer and the assessee is granted an opportunity to substantiate its claim for deduction of bid loss by adducing cogent material. Needless to state that the Assessing Officer shall decide the aforesaid issue in the light of decision of the Supreme Court in case of Taparia Tools vs. JCIT,
|