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2012 (8) TMI 478 - AT - Income TaxAllowability of set off of the business loss brought forward arising out of banking business, income from which is eligible for deduction u/s 80P, against the house property income - Held that:- It is observed that S71(2A) bars set off of business loss against salary income and does not bar setting off of the business loss against the house property income. Further, CIT(A) has passed a non-speaking order and reference made to non-eligibility of exempt nature of the income for set off, whereas provisions of S.80P falls under category of deduction which is different from being exempt. It is settled position of law that the assessee is entitled for such set off of current year’s business loss against current year’s income from house property as held in the case of CIT V/s. Mughneeram Bangaru and Co.(1980 (8) TMI 12 - CALCUTTA HIGH COURT ). Since, CIT(A) is not specific to the issues raised before him. Therefore, matter should be referred back to the file of the CIT(A) with a direction to adjudicate the grounds and the issues raised in the grounds of appeal and the specific arguments advanced before him, qua the grounds raised.
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