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2014 (2) TMI 684 - AT - Income TaxAllowability to set off unabsorbed depreciation - Income from other sources – Held that:- The Commissioner of Income Tax(A) has held that the income received in the form of penalty/damages is not an income from business but the same is income from other sources - The finding of Commissioner of Income Tax(A) has attained finality - The CIT(A) has allowed set off of unabsorbed depreciation/business loss against the income from other sources and the balance unabsorbed depreciation/business loss have also to be allowed to be carried forward - The Commissioner of Income Tax(A) was right in holding that the income shown by the assessee as damages/penalty for non-execution of sale deed of land was income assessable under the head of income from other sources. The claim of the assessee for set off against this income for business loss/unabsorbed depreciation requires a thorough examination and verification at the end of Assessing Officer - the order is set aside and the issue of allowability of set off of income from other sources against business losses/unabsorbed depreciation is restored to the AO for examination – Decided in favour of Revenue.
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