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2018 (9) TMI 211 - ITAT MUMBAIInvoking section 79 - loss cannot be carry forward and set off against the income of the subsequent year - Held that:- So far as the instant assessment year is concerned, the Assessing Officer is not competent to give a finding that the loss cannot be carry forward and set off against the income of the subsequent year. Accordingly, the matter is remanded back to the file of the Assessing Officer to remove the direction relating to denial of carry forward and set-off of loss. However, our direction should not be interpreted to be any reflection on the merits of invoking section 79 of the Act, which prohibits carry forward and set off of loss in specified situations. The same shall be open to be considered by the Assessing Officer in the subsequent year of actual set-off while evaluating the claim of the assessee for set off of the impugned business loss. We set aside the order of the CIT(A) and direct the Assessing Officer to expunge the directions so far as it relates to denial of carry forward and set off of loss. Thus, on this aspect the assessee succeeds for statistical purposes only. Disallowance u/s 14A - Held that:- We find that before the Assessing Officer also, assessee had asserted that it has neither earned any tax fee income and nor debited any expenditure relating to equity investment of ₹ 10,00,00,030/- made in the shares of Ginger Enterprises P. Ltd. See case of Cheminvest Limited vs. CIT [2015 (9) TMI 238 - DELHI HIGH COURT].We also find no error on the part of the CIT(A) in directing the AO to retain the suo moto disallowance made by the assessee in this regard if any. Therefore, in our view, the ground raised by the assessee as well as the Revenue is liable to be dismissed. Addition earned by the assessee on account of providing common amenities and maintenance charges from the tenants - Held that:- At the time of hearing, it was put across before the learned representative to establish that the impugned receipts by way of provision of amenities, etc. was contracted with the respective tenants by separate agreements. There was no material on record to establish the same and, therefore, factually speaking the amounts received by the assessee towards such amenities is to be taken as a part of rental arrangement. Thus, the ratio of the decision of Delhi Bench of the Tribunal, in the case of Sir Sobha Singh & Son (P.) Ltd (2013 (10) TMI 1491 - ITAT DELHI), is not attracted to the facts of the present case. In our view, the disallowance made by the Assessing Officer has been rightly sustained by the CIT(A) which we hereby confirm. Thus, on this aspect the assessee fails.
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