Case Law Details
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 Assessing Officer and thus business loss cannot be disallowed without taking cognizance of all the relevant aspect of the matter. Therefore, we direct the Assessing Officer to compute the taxable income thereby granting the business loss after verifying the quantification of the loss claimed by the assessee. Needless to say assessee be given opportunity of hearing by following the principles of natural justice. Hence, ground no.2 is partly allowed for statistical purpose.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal is filed by assessee against the order dated 05.02.2013 passed by the CIT(A)-XI, Ahmedabad for the Assessment Year 2009-10.
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