https://www.taxtmi.com/caselaws?id=359773 The tribunal allowed the assessee's appeal, directing the Assessing Officer to accept the declared loss and dismissing the revenue's appeal. It held that the AO's disregard of book results and assumption of expenditure on intangibles were unjustified, emphasizing that income for taxation must be based on actual, not hypothetical, income. The tribunal highlighted the need for concrete evidence in valuation methodologies and rejected the CIT(A)'s enhancement without notice to the assessee. en-us Wed, 25 Apr 2018 00:00:00 +0530 Fri, 15 Jun 2018 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359773 The tribunal allowed the assessee's appeal, directing the Assessing Officer to accept the declared loss and dismissing the revenue's appeal. It held that the AO's disregard of book results and assumption of expenditure on intangibles were unjustified, emphasizing that income for taxation must be based on actual, not hypothetical, income. The tribunal highlighted the need for concrete evidence in valuation methodologies and rejected the CIT(A)'s enhancement without notice to the assessee. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359773