TMI Blog2013 (4) TMI 838X X X X Extracts X X X X X X X X Extracts X X X X ..... merit in the appeal of the Revenue. - ITA No. 203/Ind/2012 - - - Dated:- 16-4-2013 - SHRI JOGINDER SINGH, JUDICIAL MEMBER And SHRI R.C. SHARMA, ACCOUNTANT MEMBER Appellant by Smt. Mridula Bajpai Respondent by Shri S.S. Solanki O R D E R PER JOGINDER SINGH, judicial member The Revenue is aggrieved by the impugned order dated 24.1.2012, passed by the learned CIT(A)-II ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by submitting that the decision in the case of T.A Quereshi (supra) which has been relied upon by the ld. CIT(A) is on different facts, therefore, not applicable. The assessment order was supported. On the other hand, the learned Counsel for the assessee defended the impugned order by placing reliance on the decision from Hon ble Madras High Court in CIT vs. Chensing Ventures (291 ITR 258) (Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explained income. As per the information, received from Excise Department, Mandsaur, the assessee was allotted the licence which was later on transferred to Shri Shankarlal Patidar w.e.f. 25.6.2005. However, the said license was cancelled by the Excise Department due to non-fulfilment of the conditions. The assessee was asked to furnish the copies of the trading and P L account. As per the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating to allowance of business expenditure does not govern deduction of business loss, consequently, this judicial pronouncement is not applicable to the facts of the present appeal. However, in principle, we are in agreement with the conclusion drawn in the impugned order because if the amount is assessed as income from undisclosed sources, loss can be set off against such income. Our view is sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be set off against the income determined under any head of the income and thus, the loss is entitled to be set off. Respectfully following the decision from Hon ble Madras High Court, we are of the considered opinion that set off is allowable as business loss. Therefore, we find no merit in the appeal of the Revenue. Finally, the appeal of the Department is dismissed. This order was pronounc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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