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2016 (7) TMI 262 - ITAT MUMBAISet off of business loss not allowed as per law - Mistake apparent from records Held that:- The assessee is entitled to be allowed set off of business loss as determined by the AO in the order of assessment for A.Y. 2009-10 dated 02.12.2011, against his other eligible heads of income in accordance with law. In our view, failure on the part of the AO to apply these provisions of the Act in respect of set off of determined business losses, while passing the order of assessment, constitutes a mistake apparent from the record u/s 154. We, accordingly, direct the AO to rectify the order of assessment for A.Y. 2009-10 dated 02.12.2011 by allowing the assessee set off of the business losses against other eligible heads of income in accordance with the law. - Decided in favour of assessee
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