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TMI Blog2017 (8) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as capital gains and not allowing the set off of Brought forward business losses. The assessee is engaged in the business of transport and in share trading. For the assessment year 2009-10, the assessee filed return of income admitting business loss on account of trading in shares amounting to Rs. 37,87,504/- and Profit from the transportation business of Rs. 82,26,385/-. The assessee claimed the set off of share trading loss from the business profit of the transport business. The assessee has incurred loss of Rs. 36,58,780/- in the assessment year 2008-09, which was as set off against the current years business income and furnished return of income admitting total income of Rs. 24,54,170/-. The case was selected for scrutiny and the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stic Coo muni- cation Ltd. HFCL 17.12.07 21951 10000 44.6 446000 4.11.08 50,304 6,000 7.08 425,000 18.12.07 64070 10000 39.25 392500 19.12.07 22527 10000 43.05 430500 2.1.08 68842 20000 51.00 1019930 10.1.08 71294 10000 60.94 609375 60000 2898305 6,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd sale of shares to be set off against business income is justified. The appellant's ground is dismissed." 3. Aggrieved by the order of the Ld. CIT(A) the assessee is in appeal before us. Appearing for the assessee, the Ld. A.R. argued that during the assessment year 2008-09, the assessee has started the share trading business and incurred loss of Rs. 36,58,783/- and filed the return of income on 30.9.2008 which was accepted by the department. The books of accounts were duly audited by the statutory auditor and in form 44AB, it was clearly mentioned that the business as 'Trading in shares'. The assessee purchased the shares and sold with clear intention to do the business. By referring Page No.50 of the paper book Ld. A.R argued that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hase and sale of shares and held that the loss was resulted on account of capital loss but not business loss. Accordingly, the Ld. D.R. supported the orders of the lower authorities. 5. We have heard both the parties, perused the materials available on record and gone through the orders of the authorities below. The assessee has filed the return of income for the assessment year 2008-09 and 2009-10 before the due date of filing the return of income, which is not disputed. The assessee has declared the business results for the assessment year 2008-09 as business loss and filed the return of income, which was accepted by the department u/s 143(1) of the Act. There was no dispute that in Profit & loss account and in the balance sheet the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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