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2021 (5) TMI 263 - AT - Income TaxAdjustment made by the CPC (Centralized Processing Centre) u/sec. 143(1) - assessee filed it’s return of income declaring total income at NIL after set off of current year’s business loss and also brought forward business loss - CPC did not allow set off of brought forward losses against the short term capital gain and hence, made the adjustment and raised a demand - HELD THAT:- As the issue in question is debatable, which needs to be considered in detail both the legal aspects and factual aspects and decision has to be arrived at. Such legal issues are not permissible to decide u/sec. 143(1) as decided by this Tribunal in the case of M/s. VisakhaJilla Nava Nirmana Samithi [2020 (2) TMI 1489 - ITAT VISAKHAPATNAM] Even otherwise, the ld. CIT(A) has followed the decision of this Tribunal in PADMAVATHI SRINIVASA COTTON GINNING AND PRESSING FACTORY. [2009 (3) TMI 246 - ITAT VISAKHAPATNAM] while allowing the set off of losses and the department did not place any other decision of the superior Court to controvert the decision relied upon by the ld. CIT(A) - Therefore, the issue is squarely covered by the decision of this Tribunal against the Revenue, hence, we find no reason to interfere with the order of ld. CIT(A) and dismiss the appeal of the Revenue.
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