Nature of Loss Supported By Evidence and Books of Accounts Could Not Be Changed

The case of Amarnath Aggarwal Builders (P) Ltd. v. DCIT deals with the issue of whether a business loss claimed by the assessee, a real estate developer, could be treated as a bad and doubtful debt by the tax authorities. The assessee had invested Rs. 1,10,00,000/- in the purchase of land and payment of fees …

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