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2017 (9) TMI 111 - ITAT DELHIRectification of mistake u/s 154 - income from other sources cannot be set off from brought forward losses and the same was not allowable - assessee filed NIL return of income - Held that:- The brought forward losses of depreciation of earlier years can be set off from the income from other sources, the assessee has shown other income of ₹ 12,184,164/- as stated under different heads. The assessee has justified before the Ld. CIT(A) regarding lease rent income of ₹ 10,718,878/- and misc. Income of ₹ 456,688/- reasons for showing under the head other income of the balance sheet which cannot be controverted by the Ld.DR, unabsorbed depreciation and carry forward of losses is governed u/s 32(2) and S.72(2) of the Act. Order of Ld. CIT(A) does not require any interference with regard to carry forward and setting off unabsorbed depreciation of earlier years, the assessee had rightly claimed for setting off the unabsorbed depreciation from the income from other sources. We uphold the order of Ld. CIT(A) and passing of order u/s 154 by the A.O. is not justified because there is no mistake apparent on record. Therefore we dismiss the appeal of the Revenue.
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