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 Income Tax Act, 1962 (“the IT Act”) was issued. During the course of assessment proceedings, the Assessing Officer (“AO”) no...