Disallowance of Bid loss - merely because a different treatment ...

Court Affirms Bid Loss Deduction Based on Income Tax Act, Not Book Entries; Legal Framework Prevails in Assessments.

December 18, 2020

Case Laws Income Tax HC

Disallowance of Bid loss - merely because a different treatment was given in the books of accounts cannot be a factor which would deprive the Assessee from claiming the entire expenditure as a deduction. - It has been held repeatedly by this Court that entries in the books of accounts are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act - HC

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Disallowance of Bid loss - merely because a different treatment ...

Court Affirms Bid Loss Deduction Based on Income Tax Act, Not Book Entries; Legal Framework Prevails in Assessments.

December 18, 2020

Case Laws Income Tax HC

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