Disallowance of business loss without pointing out specific defects is impermissible

Instakart Services Private Limited Vs ACIT (ITAT Bangalore) ITAT Bangalore held that disallowance of entire business losses by Assessing Officer without pointing out specific defects is not permissible. Accordingly, appeal of assessee allowed and order set aside. Facts- The assessee, a private company, is engaged in the business of logistics, courier and allied services. For the year under consideration, the assessee declared a loss of Rs. 768,38,95,521/- after setoff of income from other sources for Rs. 10,74,193/- and capital gain of Rs. 4,25,82,091/- only. The case of the assessee was sele...