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2019 (9) TMI 1628 - AT - Income TaxRevision u/s 263 by CIT - unexplained cash credit u/s 68, interest disallowance treating it to be bogus and unexplained expenditure u/s 69C - HELD THAT:- It is noted that the issue involved in this case is no longer res integra in light of the decision of the Hon’ble Calcutta High Court in the case of CIT Vs Atha Mines Limited [2018 (12) TMI 1931 - CALCUTTA HIGH COURT]. In the decided case the Hon’ble High Court upheld the decision of this Tribunal allowing the claim of the assessee for set off of business loss of the current year against the income assessee u/s 68 in the same year. In this regard, we may also gainfully refer to the decision of this Tribunal in the case of DCIT vs M/s Atibir Hitech Pvt Ltd [2019 (3) TMI 1952 - ITAT KOLKATA] As per the CBDT Circular No. 11/2019, we find that the order of AO on this issue cannot be termed as erroneous as well as prejudicial to the revenue. Therefore, we find that the show cause issued by the ld. Pr. CIT and the consequent order passed u/s 263 is legally unsustainable for want of jurisdiction and accordingly the same is hereby cancelled. - Decided in favour of assessee.
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