https://www.taxtmi.com/highlights?id=58853 Addition on account of construction loss claimed - Assuming, the contention/finding of the AO is correct that impugned loss is not allowable for deduction in the year under consideration, then it is incumbent upon the AO to reduce the amount of income which was offered to tax by the assessee in the subsequent assessment year. If it is not done so, then the assessee will suffer to tax 2 times with respect to the same amount in 2 different assessment years which is not desirable under the provisions of law. - AT en-us Tue, 20 Jul 2021 15:17:53 +0530 Tue, 20 Jul 2021 15:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58853 Addition on account of construction loss claimed - Assuming, the contention/finding of the AO is correct that impugned loss is not allowable for deduction in the year under consideration, then it is incumbent upon the AO to reduce the amount of income which was offered to tax by the assessee in the subsequent assessment year. If it is not done so, then the assessee will suffer to tax 2 times with respect to the same amount in 2 different assessment years which is not desirable under the provisions of law. - AT Highlights Income Tax Tue, 20 Jul 2021 15:17:53 +0530 https://www.taxtmi.com/highlights?id=58853