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2018 (4) TMI 1926 - AT - Income TaxDeduction of business loss - For A.Y.rs. 2009-10 to 2010-11 held that the assessee was in the business trading of shares and cannot be said there was no business due to the fact that there was lull in the share market and the income of the assessee is to be treated as business - HELD THAT:- AO on examination of record in the profit and loss account of the assessee was of the opinion that the assessee has no business during the year and the major income as earned by the assessee was from house property and service charges connected thereto. AO held that the major revenue @ 83% as earned by the assessee from service charges and computed the income of the assessee from house property and short term capital gain and denied the business loss as claimed by the assessee vide his order dated 20.02.2014 u/s 143(3) - Before the CIT(A) it was contended that the AO allowed expenditure that has been incurred by the assessee in A.Y.2009-10 and 2010-11 as deduction. AO without following the consistency that has been followed in the earlier years arbitrarily computed the income of the assessee on different heads as against the claim of the assessee. CIT(A) considering the submissions of the assessee along with the assessment orders and by following the earlier orders of first appellate authority for A.Y.2009-10 and 2010-11 allowed the business loss and computed the income of the assessee from business. We note that the order of CIT(A) for A.Y.2009-10 was challenged before the Tribunal and the Tribunal considered the treatment of stocks as held by the assessee as stock-in-trade and upheld the order of CIT(A) in computing the income of the assessee from business. - Decided against revenue.
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