https://www.taxtmi.com/caselaws?id=441703 The Income Tax Appellate Tribunal upheld the disallowance of a business loss claimed by the appellant for Assessment Year 2015-16. The appellant failed to provide sufficient evidence to establish the genuineness of the transaction involving specialized glass supply for the avionics industry. The Tribunal found discrepancies in the timing of the forfeiture notice and write-off, as well as raised concerns about the appellant's equity in the company and common directors. The argument regarding service tax on the forfeited amount was deemed irrelevant. Consequently, the Tribunal's decision was affirmed, and the appeal was dismissed. en-us Thu, 03 Aug 2023 00:00:00 +0530 Mon, 14 Aug 2023 09:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441703 The Income Tax Appellate Tribunal upheld the disallowance of a business loss claimed by the appellant for Assessment Year 2015-16. The appellant failed to provide sufficient evidence to establish the genuineness of the transaction involving specialized glass supply for the avionics industry. The Tribunal found discrepancies in the timing of the forfeiture notice and write-off, as well as raised concerns about the appellant's equity in the company and common directors. The argument regarding service tax on the forfeited amount was deemed irrelevant. Consequently, the Tribunal's decision was affirmed, and the appeal was dismissed. Case-Laws Income Tax Thu, 03 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441703