Business loss cannot be disallowed without taking cognizance of all relevant aspect

Nilamben Sandipbhai Parikh Vs ACIT (ITAT Ahmedabad) As regards disallowance of business loss  Ld. AR submitted that assessee‘s books were never rejected and details of business loss were before the Assessing Officer as well as before CIT(A). Hence, same should have been allowed. ITAT heard both the parties and perused all the relevant material available on record. The CIT(A) has directed the Assessing Officer to compute the taxable income of the assessee but has not directed the business loss quantified by the assessee to be taken into cognizance. The books were never rejected by the Assess...