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2017 (2) TMI 1321 - AT - Income TaxDeduction u/s 54 - Held that:- CIT(A) observed that the deduction u/s 54 is available only to an individual or a Hindu Undivided Family and the assessee-trust is neither an individual nor a Hindu Undivided Family; whereas the assessee-trust is being assessee in the status of ‘AOP’. Thus, he rightly held that the assessee is not entitled to the deduction u/s 54. CIT(A) held that the Long Term Capital Gain arised from the transfer of a capital asset should be a building or land appurtenant thereto and must be used as a residential house. CIT(A) observed that the assessee had sold its Farm House which was never been used as a residential house. No evidence was furnished in this regard either before the lower authorities or before us for the contention that the Farm House was used as a residential house. The assessee could not establish as to whether any income was earned from the aforesaid farm house which was being assessed as ‘income from house property’.- Decided against assessee. Disallowance for set off of brought forward capital loss - Held that:- CIT(A) held that no capital loss was declared in the return filed by the assessee for the AY 2006-07, which could have disclosed the Long Term Capital Loss in the column meant for income from capital gains. CIT(A) also observed that the assessment for the AY 2006-07 was completed u/s 143(3) and the said assessment order, there was no mention about the loss incurred on account of sale of shares and he accordingly concluded that the assessee had not disclosed the Long Term Capital Loss in the return filed for AY 2006-07 and also not raised the issue of not determining the loss to be carried forward in the order passed u/s 143(3) of the Act before the Assessing Officer and therefore, the set off of carried forward Long Term Capital Loss was not allowable to the assessee. - Decided against assessee.
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