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2019 (3) TMI 1115 - ITAT VISAKHAPATNAMRevision u/s 263 by CIT-A - assessee had set off the speculative loss against the business income - in response to the notice, the assessee filed explanation stating that the assessee did not claim any set off of speculation loss against the business income and the AO also did not allow the set off of speculation loss against the business income - HELD THAT:- Though the loss assessed including the speculation loss was ₹ 9,43,161/-, the AO allowed the business loss of ₹ 9,39,162/- for carry forward excluding the speculation loss of ₹ 4000/- (9,43,161-4000=9,39,162). Similarly the AO allowed the carry forward of speculation business loss separately for an amount of ₹ 37,13,336/- which is including current year speculation loss of ₹ 4000/-. Therefore, it is observed that the AO did not allow the speculation loss against business income or income from other sources and has not committed any error in the assessment order and determined the business loss and speculation loss correctly, hence, the assessment order passed by the AO was neither erroneous nor prejudicial to the interest of the revenue. Therefore, we set aside the order of the Ld.Pr.CIT passed u/s 263 - Decided in favour of assessee.
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