ITAT Deletes Estimated Addition made by AO in Hypothetical Way by making Disallowance of Loss claimed by Assessee u/s 41 of Income Tax Act [Read Order]

By Fathima Karama A.M - On September 7, 2023 10:30 am - 2 mins read

ITAT - Estimated - AO - Hypothetical -Disallowance - Loss- claimed - Assessee - Income- Tax -Act-TAXSCAN

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the estimated addition made by the Assessing Officer (AO) in a hypothetical way by making disallowance of loss claimed by the assessee under Section 41 of the Income Tax Act 1961. The assessee, Assam Tea Corporation Ltd company was an instrumentality of Assam State….

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