Loss on Sale of Assets to ARCIL is allowable irrespective of treatment in Books of Account

DCIT Vs. Bank of India (ITAT Mumbai) Loss on Sale of Assets to ARCIL is allowable irrespective of treatment in Books of Account We find the assessee had sold NPA.s to ARCIL, that as per the RBI instructions it did not claim the loss in the profit and loss account, that the claim was made before the Department authorities that it had suffered a loss on sale of NPA.s, that the AO and the FAA held that the assessee had not suffered real loss i.e. it was notional loss only. There is no doubt about selling of assets to ARCIL, that ARRIL is not a fake or bogus entity, that the sale has not been dou...