TMI Blog2016 (10) TMI 1105X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no dispute with regard to them. But in the present case, the assessee has not filed any return declaring loss. She has not shown loss in her books of accounts. She has just claimed loss by way of submission. Factum of loss was not proved before the AO. The ld.AO did not take cognizance of her bald submissions. Loss has nowhere been assessed. In such situation, how an assessee can claim set off against of this alleged income under any other head against such unverified unclaimed loss. Therefore, the ld.Revenue authorities have rightly not granted any set off such loss to the assessee - Decided against assessee. - ITA.No.1934/Ahd/2014 - - - Dated:- 4-10-2016 - SHRI RAJPAL YADAV, JUDICIAL MEMBER Assessee by : Shri Sapnesh Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er return of income on 31.12.2009 declaring total income at ₹ 1,73,480/-. The case of the assessee was selected for scrutiny assessment and notice under section 143(2) was issued and served upon the assessee. The AO got information from AIR wing exhibiting the fact that the assessee was holding bank account of ICICI Bank Ltd. She has deposited a sum of ₹ 19,96,500/- on various dates in this account. When the ld.AO has called for details from the assessee with regard to source of amounts deposited in this account, then, it revealed that the assessee has deposited a total sum of ₹ 73,24,946/- which included sum of ₹ 19,96,500/-. The assessee contended that she has carried out trading in shares, and she suffered a loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Department in her return of income or books of accounts. 7.5 Therefore, it is crystal clear that the assessee has no explanation regarding the entries appearing either on debit side or credit side of undisclosed bank accounts and thereby, it is established that the total amount deposited either in cash or by cheques, is nothing but the assessee's net unaccounted income, which has been earned during the year under consideration itself. 8. In support of her claim to have deposit cash in ICICI Bank which is proved to be unaccounted and also admitted by the assessee as such she has submitted P L account, balance sheet, capital account related to unaccounted/undisclosed share trading account and the cash book of above referred saving b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther heads. Similarly, in the case of K.R. Automobiles (supra), the Tribunal has allowed set off income against the loss. The Tribunal has placed reliance upon the decision of the Hon ble jurisdictional High Court in the case of CIT Vs. Shilpa Dyeing Printing Mills P. Ltd., (2013) 39 taxmann.com 3 (Guj). As far as proposition of law is concerned, there is no dispute with regard to them. But in the present case, the assessee has not filed any return declaring loss. She has not shown loss in her books of accounts. She has just claimed loss by way of submission. Factum of loss was not proved before the AO. The ld.AO did not take cognizance of her bald submissions. Loss has nowhere been assessed. In such situation, how an assessee can claim s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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