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2019 (2) TMI 785 - AT - Income TaxSet off of carried forward business loss and current business loss against the income from other sources - Held that:- The assessee company is not carrying any business. The assessee has earned income from renting of the property and the same is offered to tax by the assessee under the head "Income from house property". Apart from above assessee has interest income of ₹ 3,87,540/-. Expenses in respect of house property have already been allowed as standard deduction u/s. 24(a) of the Act. The assessee has claimed expenditure in respect of remuneration to Director. The Commissioner of Income Tax (Appeals) rejected the claim of assessee on the ground that since there is no business of the assessee, there is no question of business loss. The provisions of section 72 allow set off of business loss/carried forward business loss against income under any head (except under the head "Salaries"). But to claim loss, the assessee has to show business activity was carried during previous year or in the past which resulted in generation of loss. There is no material available on record controverting the findings of CIT(Appeals). - Decided against assessee.
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