Case Law Details
Case Name : M/s. K.R. Automobiles Vs ACIT (ITAT Ahemdabad)
Related Assessment Year : 2008-2009
Courts :
All ITAT ITAT Ahmedabad
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CA Prarthana Jalan
Once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income
Hon’ble ITAT Ahemdabad Bench in the case of M/s. K.R. Automobiles v/s ACIT in ITA No.1972/Ahd/2012 has held that business loss can be set off against the addition u/s.68 of the Act by observing as follows:-
“6. I have considered rival submissions. I find that the decision of Hon’ble jurisdictional High Court in the case of Fakir Mohamed HajiHasan vs. CIT (supra) is distinguishable on facts. In this case the issue was t...
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Author Bio
Is it a correct step from the common point of view. It is generally perceived that many loss making company/ies are profit making ones except on paper. If the delcared loss is allowed to be set off against undisclosed income, what is the messge? Point to ponder and this judgement will be few lessons to the accounting people to find out ways and means of reducing the tax burden of many concers.