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2023 (3) TMI 973 - ITAT DELHISet off of business loss u/s 71 - as per DR assessee had not filed return of income on time therefore, he was not eligible for set off of business loss - HELD THAT:- We find merit into the contention of the assessee that it was eligible for set off of business loss as per section 71 - As per this provision, income under any head of income, other than “capital gains” is loss and the assessee has no income under the head “capital gain”. He shall be entitled to have the amount of such loss set off against the income, if any, assessable for that assessment year under any other head. If the net result is still a loss, the assessee can set off the said loss u/s 71 of the Act. We set aside the orders of the authorities below and restore this issue to the file of AO to verify the claim of the assessee and allow set off of loss as per the provisions of law. Grounds raised by the assessee are allowed for statistical purposes.
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