Tax Loss Cannot Be Reduced by Unserved Section 143(1) Intimation: ITAT Ahmedabad

Lesso Buildtech Private Limited Vs DCIT (ITAT Ahmedabad) Ahmedabad: In a ruling favouring the assessee, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench has held that the tax department cannot reduce a declared loss based on an intimation under Section 143(1) of the Income Tax Act, 1961, if that intimation was never properly served on the taxpayer. The tribunal directed the restoration of the loss figure as originally declared by the assessee company. The case involved Lesso Buildtech Private Limited, engaged in the trading of various building materials and related products, for the as...