https://www.taxtmi.com/caselaws?id=465682 An amount reflected as business loss in duly audited accounts cannot be treated as taxable profit without a factual basis supporting enhancement of income. The audited profit and loss account showed a loss of Rs. 48,70,648, and no adverse finding was recorded in the audit report. As the Revenue did not challenge the deletion of the assessment additions, the only surviving issue was the appellate enhancement. That enhancement was held unsustainable because it rested on a factual error, and it was directed to be deleted in favour of the assessee. en-us Wed, 29 Jan 2025 00:00:00 +0530 Mon, 05 Jan 2026 20:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465682 An amount reflected as business loss in duly audited accounts cannot be treated as taxable profit without a factual basis supporting enhancement of income. The audited profit and loss account showed a loss of Rs. 48,70,648, and no adverse finding was recorded in the audit report. As the Revenue did not challenge the deletion of the assessment additions, the only surviving issue was the appellate enhancement. That enhancement was held unsustainable because it rested on a factual error, and it was directed to be deleted in favour of the assessee. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465682