Disallowance of Claim of Write Off made in individual Entity’s Financials Prior to Amalgamation cannot be added as Income in hands of Assessee: ITAT [Read Order]

Disallowance of claim of write off - individual entity's financials - prior to amalgamation - ITAT - INCOME TAX - INCOME TAX ACT - income in hands - Disallowance - write off - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that the disallowance of the claim of write-off made in an individual entity’s financials prior to amalgamation could not be added as income in the hands of the assessee. The assessee, Citygold Education Research Limited, is a private limited company engaged in the business of disseminating…

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