TMI Blog2018 (10) TMI 1102X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 5-10-2018 - Shri Kuldip Singh, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Sh. Dr. Rakesh Gupta, Adv. For the Revenue : Sh. K. Tiwari, Sr. DR ORDER Kuldip Singh, Judicial Member : Appellant, M/s. Sucon India Ltd. (hereinafter referred to as the assessed), by filing present appeal sought to set aside the impugned order dated 06.10.2015 passed by the Ld. Commissioner of Income Tax (Appeals)-Faridabad qua the assessment year 2012-13 on the grounds inter alia that :- 1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in upholding the action of the Ld. A.O. in making an addition of ₹ 29,84,052/- by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave heard the Ld. Authorized Representative of the Assessee gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Undisputedly, Assessing Officer has made the addition of ₹ 29,84,052/- by denying the claim of setoff of share business by applying the explanation to section 73 of the Income Tax Act. It is also not in dispute that the assessee has declared loss of ₹ 4,52,39,210/- . 6. The Ld. AR for the assessee by relying upon decision rendered by co-ordinate bench of Tribunal in assessee s own case ITA No. 4519/Del/2013, A.Y.2009-10, M/s. Sucon India Ltd. vs. ACIT, contended that the issue in controversy is covered in favour of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivities appearing in Clauses (a) to (e) are not to be deemed to be speculative transactions. Therefore, this comes within the category of deemed business which is however distinct and separate from any other business. Now, the question is, whether loss arising out of such deemed business can be set off against the profit arising out of other business or businesses which may for clarity be called proper business. Under Section 70 of the Act, the assessee is entitled to have the loss set off against his income from any other source under the same head unless otherwise provided. Therefore answer to the question is that the assessee is entitled to have the loss arising out of deemed business set off against the income arising out of busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the decision are of the High Court other then Jurisdictional High Court, which is the Punjab and Haryana High Court in the case of the assessee. The learned counsel relying on the decision of the Hon'ble Supreme Court in the case of Vegetable Product Ltd., reported in 88 ITR 192 submitted that where contrary decision of the Hon'ble high courts other than the jurisdictional High Court are available, then in such a situation, decision favourable to the assessee should be followed. The Hon'ble Supreme Court in the case of vegetable product Ltd (supra) held as under: 4. There is no doubt that the acceptance of one or the other interpretation sought to be placed on s. 271(1)(a)(i) by the parties would lead to some inconvenie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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