Disallowance of loss claimed u/s 41 in hypothetical way needs fresh examination

Assam Tea Corporation Ltd Vs CIT(A) (ITAT Kolkata) ITAT Kolkata held that disallowance of loss claimed by the assessee under section 41 of the Income Tax Act in a hypothetical way is unjustified and accordingly matter set aside for afresh examination. Facts- The assessee company is an instrumentality of Assam State. It was engaged in tea plantation and manufacturing of tea. It had filed its return of income electronically on 30.09.2012 declaring total loss. The case of the assessee was selected for scrutiny and a notice u/s. 143(2) of the Act was issued and served upon the assessee. During the...