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2014 (8) TMI 392 - GUJARAT HIGH COURTAllowability of set off business loss against income from house property u/s 70 – Held that:- Assessee evidently has stopped its manufacturing activity and rented out the entire factory premises to other party - Still, it is showing huge repair expenses to the factory in its books of accounts – also, it is showing three transactions of sale in order to show that it still carrying on business activity - these three transactions are only a device to claim huge expenses being debited in the profit and loss account and which are not allowable as a deduction in computation of income from house property – assessee has not carried on any business activity – assessee's claim that all the expenses should be set off against the house property income is not acceptable as it will amount to allowing double deduction to the appellant, i.e. one in the form of standard deduction and another in the form of actual deduction from the income from house property - There is no error committed by the Tribunal in disallowing the claim of set off claimed by the assessee from the rental income from the house property claimed u/s 71 of the Act – there is no reason to interfere with the order of the Tribunal – Decided against Assessee.
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