Addition on account of construction loss claimed - Assuming, the ...

Assessing Officer Must Adjust Income in Subsequent Year to Avoid Double Taxation on Construction Loss Claim.

July 20, 2021

Case Laws Income Tax AT

Addition on account of construction loss claimed - Assuming, the contention/finding of the AO is correct that impugned loss is not allowable for deduction in the year under consideration, then it is incumbent upon the AO to reduce the amount of income which was offered to tax by the assessee in the subsequent assessment year. If it is not done so, then the assessee will suffer to tax 2 times with respect to the same amount in 2 different assessment years which is not desirable under the provisions of law. - AT

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Addition on account of construction loss claimed - Assuming, the ...

Assessing Officer Must Adjust Income in Subsequent Year to Avoid Double Taxation on Construction Loss Claim.

July 20, 2021

Case Laws Income Tax AT

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