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2022 (12) TMI 396 - AT - Income TaxSet off loss against addition of undisclosed income - losses in share transaction in derivative segment and in cash delivery segment - CIT(A) upheld the addition to the extent of peak investment - CIT(A) held that such claim cannot be entertained at this stage - HELD THAT:- Though the Assessing Officer is not entitled to admit or entertain additional claim during the assessment proceedings, however the appellate authority has such jurisdiction to admit such additional claim as has been held by Hon'ble jurisdictional High Court in the case of CIT Vs. Mitesh Impex 2014 (4) TMI 484 - GUJARAT HIGH COURT Thus,admit the additional plea of set off of loss of current year against the income of assessee in the impugned year. So far as merit is concerned, the Hon'ble jurisdictional High Court in the case of Shilpa Dyeing & Printing Mills (P.) Ltd. 2015 (7) TMI 691 - GUJARAT HIGH COURT held that once the loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Similar views taken by Division Bench of Hon'ble Delhi Tribunal in the case of Rajendra Kumar Anand[2022 (5) TMI 1488 - ITAT DLEHI] wherein it was held that when Assessing Officer made addition of certain amount to income of assessee from undisclosed sources taxable under section 69 claim of set off loss is to be allowed. We direct the Assessing Officer to verify the facts and allow the set off loss suffered by assessee against addition of undisclosed income. Thus, the Ground raised by assessee is allowed in above terms.
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