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2015 (7) TMI 691 - HC - Income TaxSet off of business loss - ITAT treating income of ₹ 1,00,98,672/- as income falling under the head 'income from other sources' and not treating as 'deemed income' as provided under the scheme of Section 69 of the Act? - Whether ITAT is justified in deleting an addition of ₹ 1,00,98,672/- by treating the same as business income and thus allowing set off of business loss? - Held that:- Section 71 of the Act permits an assessee to set off loss other than that of capital gains against income from other head. In our opinion, the statutory provisions contained in Section 71 was applicable in the present case. By applying the decision in case of Fakir Mohmed Haji Hasan (2000 (8) TMI 44 - GUJARAT High Court ) as explained in case of Radhe Developers Incia Ltd. (2009 (4) TMI 21 - GUJARAT HIGH COURT ), the same cannot be declined. In the result, no question of law arises. Tax appeal is, therefore, dismissed. - Decided against revenue.
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