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TMI Blog2020 (7) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... present appeal has been filed by the assessee against the order of the ld. CIT(A)-16, New Delhi dated 16.03.2015. 2. Following grounds have been raised by the assessee: "1. That ld. CIT (A) has grossly erred in confirming the disallowance of claim of set-off of "B/f unabsorbed Short Term Capital Loss Rs. 49,83,312/-" against the current year's income from Short Term Capital Gain, which disallo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt capital gain declared during the year on the grounds that, the claim of the assessee is not tenable in view of the fact that in his statement recorded u/s 132(4), the assessee has not claimed the adjustment of brought forward loss on account of the short term capital gain declared. 5. The ld. CIT (A) supported the contention of Assessing Officer on the grounds that the additional income offere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee on 17.09.2010 and as such the assessment year under consideration is an assessment to be framed u/s 143(3) of the Act taking into consideration the relevant seized material, if any, being the assessment of the search year. 9. On going through the facts of the case, we do not find any merit in the contention of the Assessing Officer that the assessee has not claimed adjustment of brou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee is as under: i) Business Income Net Loss as per P&L A/c (19,08,891.64) ii) Short Term Capital Gain for the year Less: Unabsorbed Short Term Loss B/f from A.Y.2008-09 15,22,00,000.00 49,83,312.64 14,72,16,687.36 iii) Income from House Property 2,69,500.00 iv) Income from other sources 4,44,436.56 Gross Taxable Income 14,60, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o disallow such benefits. It is a fact on record that the short term capital loss which has been incurred in the assessment year 2007-08 and the same has been allowed by the revenue to be carried forward till the assessment year 2010-11, hence, the same cannot be disallowed to be set off against the short term capital gain earned by the assessee during the assessment year 2011-12. 13. In the resu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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