TMI Blog2021 (3) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... before us. We have heard learned Departmental Representative and perused the record. We agree with the finding of learned CIT(A) that the issue is covered in favour of the assessee by the Tribunal decision cited there. Hence, we uphold the order of learned CIT(A). Revenue s appeal is dismissed. - I.T.A. No. 6165/Mum/2018 - - - Dated:- 11-3-2021 - Shri Shamim Yahya ( AM ) And Shri Ramlal Negi ( JM ) Assessee by : None Department by : Shri Bharat Andhle ORDER Per Shamim Yahya ( AM ) : This is an appeal by the Revenue against the order of learned CIT(A) dated 10.8.2018 pertains to A.Y. 2013-14. 2. The grounds of appeal read as under :- Whether on the facts and in the circumstances, the Ld.ClT(A) is justifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital gains of any kind mere are no other provisions under the Income Tax Act which allows such set off. In view of this fact and in absence of any specific provisions under the Act, the carried forward business losses of A.Y-2010-11 set off against short term capital gains on sale of depreciable assets is accordingly denied . 4. Upon assessee s appeal learned CIT(A) noted following submission of the assessee :- The appellant filed a written submission which is reproduced in para 3 of this order. The appellant placed reliance on section 72 of Income Tax Act 1961. For proper appreciation of facts, section 72 is reproduced as under: 72(1) Where from any assessment year, the net result of the computation under the head Profits and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to), as against the context of the loss, which it could be set-off against (where the nature of income is referred to). 4.1.5. The appellant claimed that the office premises sold by the appellant during the year was used for its business and since the said capital asset was connected to its business, the gains arising from sale of such assets had rightly been set-off by the appellant against the brought forward business loss. 4.1.6. In support of its claim the appellant placed reliance on judgement of honourable Mumbai ITAT in case of Digital Electronics Ltd. v. Addl. CIT (2010)(Mumbai Tribunal)(l6 taxmann.com 316). The facts of the case considered by the honourable Tribunal were as under: The assessee claimed set-off o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business losses can be set-off against the capital gains taxable u/s 50 of the Act. 4.1.8. Appellant has also placed reliance on judgement of honourable Mumbai ITAT in case of M/s. Hickson Dadajee Pvt. Ltd. v. ACIT [ITA No. 5882 of 2012, date of order-28 February 2014] and lTO v. Evershine Pharmaceuticals Distributors Pvt. Ltd. [ITA No. 4922 of 2011, date of order - 22 August 2012] wherein honourable tribunal had also upheld that brought forward business losses can be set off against the capital gains taxable u/s 50 of the Act. 5. Following the precedents as above learned CIT(A) held that the ground of appeal is allowed and Assessing Officer is directed to grant set off of carry forward loss after verification of records. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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