TMI Blog2014 (2) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... , the decision of the Hon’ble Gujarat High Court in the case of Fakir Mohamed Haji Hasan (2000 (8) TMI 44 - GUJARAT High Court ) was also discussed. In this case it was held that once loss is determined, the same should be set off against the income determined under any other head of income including undisclosed income. Respectfully following the decision of the Hon’ble Gujarat High Court in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned counsel for the assessee fairly submitted that the issue in these grounds of the appeals were not pressed before the learned CIT(A). The learned DR supported the submission of the learned counsel for the assessee. I have considered the rival submissions. In view of the submissions of the assessee that this issue is not pressed before the CIT(A), I dismiss the ground nos.1 and 2 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mills P. Ltd., (2013) 39 taxmann.com 3 (Gujarat). The learned DR has opposed the submissions of the learned counsel for the assessee. He submitted that the decision of the Hon ble Gujarat High Court in the case of CIT Vs. Shilpa Dyeing Printing Mills P. Ltd., (supra) is distinguishable on facts. He referred to the relevant paras of the orders of the AO and the CIT(A). He has relied on the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s determined, the same should be set off against the income determined under any other head of income including undisclosed income. Respectfully following the decision of the Hon ble Gujarat High Court in the case of CIT Vs. Shilpa Dyeing Printing Mills P. Ltd., (supra), the issue is decided in favour of the assessee and the ground no.3 of the assessee is allowed. 7. In the result, the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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