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2019 (7) TMI 1413 - ITAT INDORERevision u/s 263 - Set off of business loss against the income brought to tax u/s 69B r.w.s 115 BBE - A.O did not allow the claim of any expenditure against the surrendered income which in his view was taxable u/s 69 as unexplained investment and assessee was liable to tax on the amount - claim of deduction being the expenses on account of depreciation, interest, remuneration and other expenses claimed against the income surrendered by the assessee as unaccounted investment in hotel building during the course of survey u/s 133A conducted on 12.7.2011 - HELD THAT:- Similar issue was dealt in the case of M/s. Sanjay Bairathi Gems Ltd, Jaipur [2017 (8) TMI 721 - ITAT JAIPUR] wherein l after considering the various judgments of Hon’ble courts held that the assessee is eligible for set off of business loss against the income brought to tax u/s 69B r.w.s 115 BBE Departmental Representative failed to place any other material or judgment favouring the revenue in order to controvert the finding of Ld. CIT(A). At any stage revenue has not disputed the fact that the alleged amount surrendered during the survey was unaccounted business income of the assessee and not from any other sources. Section 115BBE of the Act was inserted by Finance Act, 2012 w.e.f. 1.4.2013 which restricts the claim of deduction in respect of any expenditure or allowance or set off of any loss against the income shown by the assessee or assessed u/s 68, 69, 69A,69B, 69C & 69D of the Act. The instant appeal relates to Assessment Year 2012-13 and therefore the assessee’s case will not be hit by provisions of Section 115BBE(2) of the Act. We therefore find no inconsistency in the finding of Ld. CIT(A) and the same requires no interference. - Decided against revenue
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