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

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

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