Disallowance/Addition of loss Cannot be raised when not claimed in Computation of Income: ITAT [Read Order]

Disallowance - Addition of loss - Computation of Income - ITAT - Income Tax Appellate Tribunal - taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the disallowances/additions of loss cannot be raised when it has not been claimed in the computation of income. The Assessing Officer during the course of assessment proceedings observed that the assessee made purchases through the National Stock Exchange of future/option of Rs. 8,72,352/-…

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