https://www.taxtmi.com/caselaws?id=462814 The ITAT Kolkata held that an intimation issued under section 143(1) was invalid where the AO adjusted intra-head loss against long-term capital gain without providing reasonable opportunity to the assessee. The assessee had claimed the loss in their return, which was rejected by the AO who then issued the intimation under section 143(1). The Tribunal found that rejecting the loss without affording reasonable opportunity violated legal principles and rendered the intimation bad in law. Following the precedent in Camellia Educare Trust, the Tribunal declared the AO's intimation invalid and held that the loss claimed by the assessee should be allowed. The decision emphasized that proper procedural safeguards must be followed before making adjustments under section 143(1). en-us Tue, 13 Feb 2024 00:00:00 +0530 Thu, 17 Jul 2025 18:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462814 The ITAT Kolkata held that an intimation issued under section 143(1) was invalid where the AO adjusted intra-head loss against long-term capital gain without providing reasonable opportunity to the assessee. The assessee had claimed the loss in their return, which was rejected by the AO who then issued the intimation under section 143(1). The Tribunal found that rejecting the loss without affording reasonable opportunity violated legal principles and rendered the intimation bad in law. Following the precedent in Camellia Educare Trust, the Tribunal declared the AO's intimation invalid and held that the loss claimed by the assessee should be allowed. The decision emphasized that proper procedural safeguards must be followed before making adjustments under section 143(1). Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462814