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2020 (4) TMI 656 - ITAT AHMEDABADCondonation of delay - appeal of the assessee was dismissed by the ld.CIT(A) on the solidary ground that the same was not within limitations and assessee had no ‘sufficient cause’ for filing the appeal in time - HELD THAT:- Keeping in view of the decision in Hon'ble Supreme Court in the case of Land Acquison Collector Vs. MST Kitji [1987] [1987 (2) TMI 61 - SUPREME COURT] we find that the assessee had sufficient cause for not filing the appeal in time before the ld.CIT(A). Therefore, considering the reasons as cited in the said application and also keeping in view principles laid down by Hon'ble Supreme Court, we condone the delay in filing the appeal before the ld.CIT(A). Undisclosed income - set off of shares business loss against the undisclosed income - No claim shall be available for any allowances or expenditure of income referred to any section 68, section 69, section 69A, section 69B, section 69C and section 69D from A.Y. 2013-14 onwards. This amendment being prospective and not retrospective and since the claim raised by the assessee is for the A.Y. 2009-10, therefore, this amendment is not applicable and thus the claim for set off of shares business loss is available to the assessee as benefit provided u/s.71 of the Act may not simply be denied on the ground that the assessee was not able to substantiate his claim for classification under certain head of income. In our view, even if that claim is not substantiated, even then the income can be classified under any other head i.e. the income from other sources and benefit u/s.71 of the Act is also allowable. Therefore, keeping in view of the totality of the facts and circumstances as discussed above and also keeping in view of the decisions as mentioned above, we allow the claim of the assessee for set off of shares business loss against the undisclosed income for the year under consideration, accordingly solitary ground raised by the assessee are allowed.
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