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2020 (6) TMI 132 - ITAT CHANDIGARHSet off business losses with the surrendered/ disclosed business income - HELD THAT:- This issue now stands clarified with the CBDT Circular No.11 of 2019 whereby the CBDT has clarified that an assessee will be entitled to set off of losses against income determined u/s 115BBE of the Act till assessment year 2016-17 - The assessment years involved in these appeals being 2012-13 & 2013-14, therefore, the assessee is accordingly entitled to set off of current year losses against deemed income. In view of our observations made above, Ground No.2 in both the appeals is accordingly allowed in favour of the assessee. Investment made in jewellery did not have any link / concern with the business of the assessee, therefore, the disallowance of interest made by the Assessing Officer was justified. Investment made in jewellery - Whether investment did not have any link / concern with the business of the assessee, therefore, the disallowance of interest made by the AO was justified - HELD THAT:- There is merit in the arguments of the AR that once the addition has been made on account of unrecorded sales, then no addition on account of shortage of stock or investment in stock is required to be made. Under the facts and circumstances of the case the arguments of the AR appears acceptable and the addition made by the AO is not found sustainable and hence deleted.
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