Different treatment in books of accounts cannot deprive claiming of entire expenditure

PCIT Vs Sriram Chita Pvt Ltd (Karnataka High Court) Karnataka High Court held that bid loss claimed by the assessee cannot be disallowed merely because a different treatment was given in the books of accounts. Entries in the books of accounts are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act. Facts- The assessee, for A.Y. 2014-15, debited a sum of Rs.14,13,48,676/- as loss on own chits bidding and also claimed bid loss of Rs.18,65,72,307/-. From the aforesaid amount, the assessee reduced an amount of Rs.14,13,48,676/- bein...