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2017 (5) TMI 1038 - AT - Income TaxRevision u/s 263 - business loss cannot be set off against other sources as per sec.71 - Held that:- We are of the opinion that there is a divergent view on the issue of set off of business loss out of unexplained income u/s.71 of the Act while computing the income of assessee. Being so, the AO had taken one of the possible views, which is supported by the judgement in the case of Chensign Ventures (2007 (4) TMI 204 - MADRAS High Court) and we are of the opinion that the ld.CIT is not justified in exercising the jurisdiction u/s.263 of the Act on this issue. Accordingly, the order of Learned Commissioner of Income Tax u/s.263 of the Act is quashed. - Decided in favour of assessee.
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