Allowed deduction of business loss including amount paid as managerial remuneration on account of it being business expenses

Universal Buildrise Private Limited Vs ITO (ITAT Delhi)

 M/S. Universal Buildrise Private Limited (Appellant) filed an appeal against Order dated September 30, 2019 of the Ld. CIT(A)-9, New Delhi, relating to the Assessment Year (AY) 2016-2017.

The Appellant filed its return of income declaring loss and paid taxes on book profit under Minimum Alternate Tax (“MAT”) provisions. The case was selected for scrutiny and a notice under Section 143(2) of the

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