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2016 (10) TMI 1105 - AT - Income TaxSetoff of business loss denied - non filing of any loss in return of income - Held that:- Sub-section 1 of Section 71 contemplates that where the net result of computation made for any assessment year in respect of any head of income, is a loss, the same can be set off against the income from other heads. Similarly, in the case of K.R. Automobiles (2014 (2) TMI 1309 - ITAT AHMEDABAD) the Tribunal has allowed set off income against the loss. The Tribunal has placed reliance upon the decision in the case of CIT Vs. Shilpa Dyeing & Printing Mills P. Ltd., (2015 (7) TMI 691 - GUJARAT HIGH COURT ). As far as proposition of law is concerned, there is no dispute with regard to them. But in the present case, the assessee has not filed any return declaring loss. She has not shown loss in her books of accounts. She has just claimed loss by way of submission. Factum of loss was not proved before the AO. The ld.AO did not take cognizance of her bald submissions. Loss has nowhere been assessed. In such situation, how an assessee can claim set off against of this alleged income under any other head against such unverified unclaimed loss. Therefore, the ld.Revenue authorities have rightly not granted any set off such loss to the assessee - Decided against assessee.
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