High Court Overturns ITAT Decision: Assessee's Business Loss Claim Denied Due to Lack of Evidence on Bid-Loss Principle.

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....Bid-loss - Claim of business loss - assessee was explaining the principle followed by them, which results in bid loss. What the AO wanted was to give evidence that the assessee actually incurred the said loss in following the said principle, which was not furnished - Order of ITAT allowing the claim of loss is not correct - HC....