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BUSINESS LOSS/DEDUCTIONS – ALLOWABLE AS

Revision : Where AO after calling for details and evidences from assessee had taken a plausible view by accepting explanation of assessee that loss debited to profit and loss account was not related to penny stock but was normal business loss related to real estate business of assessee which was eligible for being carried forward and set off against profits of subsequent years, impugned revision under section 263 was unjustified – Konsortia Construction Company (P.) Ltd. v. Deputy Commissioner of Income-tax – [2023] 157 taxmann.com 811 (Kolkata – Trib.)

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