ITAT Quashes Assessment for Invalid Section 143(2) Notice; Grants Multiple Reliefs to Assessee The assessee, ABC India Limited, filed its return declaring a loss for AY 2022-23, which was selected for scrutiny under CASS. The Assessing Officer completed the assessment under Section 143(3) read with Section 144B, making multiple additions, including capital gains on the…
ITAT: Loan Write Off To Subsidiary Disallowed For Lack Of Commercial Prudence The appellant, Matrix Clothing Pvt. Ltd., is a company engaged in the manufacturing and trading of garments and the generation of power through windmills. For the Assessment Year 2021-22, the company claimed a massive deduction of Rs. 53.24 crore as a “write-off” of…
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