TMI Blog2013 (11) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... RT] - The learned Judge was not justified in disallowing the benefit granted to the assessee by the Settlement Commission so far as losses brought forward pertaining to the house property -Section 158BB(4) read with Explanation (a) the loss brought forward could be considered while determining the undisclosed income and the benefit thereunder is in accordance with the procedure under the Act – Decided in favour of assessee. - WA. No. 2809 of 2009 ( ) IN OP. 14856/2002 - - - Dated:- 25-10-2013 - CJ Dr. Manjula Chellur And A. M. Shaffique,JJ. JUDGMENT Manjula Chellur,CJ These two appeals arise out of common judgment of the learned Single Judge dated 29.07.2009 in O.P.No.14856 of 2002. W.A.No.2809 of 2009 is an appeal filed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty loss carried forward and as well as interest paid on borrowals that is Rs. 5,15,389/- and Rs. 8,20,058/- respectively. Department challenged the said order of the Settlement Commission before the learned Single Judge, though learned Single Judge confirmed the opinion of the Settlement Commission, so far as interest paid on borrowers, did not agree with the settlement commission so far as allowing deduction of Rs. 5,15,389/- opining that there is a clear bar against granting of carried forward loss, except in the case of regular assessment under Section 158BB(4) of the Act. 5. Aggrieved by the said judgment both the party appellant and the department are before us as stated above. According to the learned counsel representing the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt consists of ten previous years and the period up to the date of the search. Section 158BB provides for aggregation of income/loss of each previous year comprised in the block period. The block period assessment under Chapter XIV-B is in addition to regular assessment. 8. Analysing section 158BB(4) read with Explanation (a) thereto, one finds that only brought forward losses of the past years under Chapter VI and unabsorbed depreciation under section 32(2) are to be excluded while aggregating the total income or loss of each previous year in the block period but set off of the loss suffered in any of the previous year in the block period against the income assessed in other previous years in the block period is not prohibited. In our vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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