Loss incidental to business - non-recovery of certain business ...

Disallowing Business Loss Without Proper Inquiry Unjustified if Detailed Evidence Provided, Court Rules in Favor of Assessee.

October 27, 2021

Case Laws Income Tax AT

Loss incidental to business - non-recovery of certain business advances - Once assessee had any business transaction with any party during the course of which if assessee had incurred any loss and for which detailed justification and explanation has been given with documentary evidences, we failed to understand as to why such a loss can be disallowed once there is no controversial material or inquiry denied by the said party. Simply rejecting the explanation on flimsy grounds without any inquiry cannot be sustained. - AT

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Loss incidental to business - non-recovery of certain business ...

Disallowing Business Loss Without Proper Inquiry Unjustified if Detailed Evidence Provided, Court Rules in Favor of Assessee.

October 27, 2021

Case Laws Income Tax AT

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