https://www.taxtmi.com/caselaws?id=401877 The High Court dismissed the appeal in favor of the assessee regarding the disallowance of bid loss claimed in the computation of total income for the Assessment Year 2014-15. The Court held that the revenue's arguments regarding the violation of Section 145(1) of the Income Tax Act and non-compliance with Board's Notification and Accounting Standard AS 22 of ICAI were not valid. The Court emphasized that entries in the books of accounts were not conclusive, and the matter should be assessed based on the provisions of the Act, citing a precedent from a Supreme Court decision. en-us Mon, 07 Dec 2020 00:00:00 +0530 Thu, 24 Dec 2020 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401877 The High Court dismissed the appeal in favor of the assessee regarding the disallowance of bid loss claimed in the computation of total income for the Assessment Year 2014-15. The Court held that the revenue's arguments regarding the violation of Section 145(1) of the Income Tax Act and non-compliance with Board's Notification and Accounting Standard AS 22 of ICAI were not valid. The Court emphasized that entries in the books of accounts were not conclusive, and the matter should be assessed based on the provisions of the Act, citing a precedent from a Supreme Court decision. Case-Laws Income Tax Mon, 07 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401877