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2022 (7) TMI 1386 - ITAT KOLKATARevision u/s 263 - As per CIT derivative loss could not be adjusted against the income computed u/s 44AD - HELD THAT:- As assessee invited our attention to the paper-book to submit that show-cause notices were served by the AO during the assessment proceedings wherein the queries were raised regarding the adjustment of derivative loss against the income declared u/s 44AD of the Act which were duly replied and the relevant evidences in support of the claim were also furnished. AO having satisfied with the reply and explanation submitted by the assessee passed the assessment order accepting the adjustment/set off of derivative loss against business income of the assessee.As submitted that even otherwise there is no bar under the Income Tax Act for setting off of derivative loss against business income. DR could not rebut the above contention of assessee. No justification on the part of the ld. PCIT to exercise his revision jurisdiction u/s 263 - Appeal of the assessee stands allowed.
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