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2023 (3) TMI 1306 - AT - Income TaxLoss from business or profession - A.R. submitted that disallowance of business expenses is bad in law and therefore, the AO should be directed to allow the same by computing the total income - A.R.submitted that the assessee’s case is covered under Section 71 and said section state that barring exception losses, business loss can be set off against other heads (as “Inter Head Adjustment”) for the Assessment Year under consideration - HELD THAT:- A.R. submitted that for A.Y. 20101-11 on the identical facts the issue was held in assessee’s favour. At that time the assessee has set off his business income against the income from house property which has been allowed by the Tribunal. D.R. remark that the return of income was not filed and Section 139(1) will not allow the assessee to take set off of business expenses to income from house property, as incorrect as the assessee has genuinely invoke the Section 71 and has set off against the other head the business loss. The Section does not state that the assessee has to file the return under Section 139 only. Thus, appeal of the assessee is allowed.
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