ITAT Dismisses Rectification Orders, Upholds Setting off Business Loss

Ashapura Build Con Vs ITO (ITAT Ahmedabad) In a recent case, Ashapura Build Con appealed against the orders passed by the Ld. Commissioner of Income Tax (Appeals) at the National Faceless Appeal Centre, Delhi, for the assessment years 2017-18 and 2018-19. The appeals were related to the setting off of business losses against property income and income from other sources. The appellant, a partnership firm, filed returns with a business loss and income from house property. However, the intimation under Section 143(1) of the Income Tax Act did not consider the business loss while calculating the...