TMI Blog2023 (1) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee also we find that this case was subsequently selected for scrutiny and order under section 143 (3) of the Act has been passed. Assessee has apprised as of the fact that the Assessing Officer has till date not responded to the rectification application filed by the assessee. Thus the grievance of the assessee has neither been attended by the Assessing Officer nor by the CIT(A). We feel it appropriate to restore the matter of amount of loss for which the assessee is eligible for carry forward to the file of the AO for avoiding multiplicity of the proceedings, because rectification proceeding of the assessee are already pending before the AO. It is needless to mention that the assessee shall be afforded adequate opportunity of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide an opportunity to the Appellant for virtual hearing. 2.2. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in confirming the addition made by Centralized Processing Centre ( CPC*) of Rs. 5,44,65,784 as per the intimation w/s 143(1) of Income Tax Act, 1961 (hereinafter referred as the Act ) without appreciating the submissions made by the Appellant in this regard. 2.3. The Ld. CIT(A) grossly erred in misinterpreting the provisions of section 71 of the Act to undertake additions of Rs. 5,44,65,784 to the total income/(loss) of the Appellant. 2.4. The Ld. CIT(A) erred in not appreciating the fact that the intimation received w/s 143(1) of the Act has already allowed the set-off of income from capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... planation given by the appellant and the entries available in the electronically filed IT 6 dated 13.02.2021 have duly been considered. 5.5. As the explanation given by the appellant and the entries available in the electronically filed IT 6 are sufficient to decide the appeal, the appeal is decided without giving any further opportunity. 5.6. As may be seen from the IT 6 dated 13.02.2021 the appellant has adjusted/set off STCG-short term capital gain of Rs. 3,97,84,884/- with the business loss of Rs. 59,22,83,654/-. ref-Sch BP, Sch-CG Sch-CYLA). 5.7.1. As per the provisions of Sec. 71 losses under the head capital gain cannot be set off against income from other heads of income 5.7.2. As per the provisions sec. 74 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IT 6 dated 13.02.2021, the appellant has adjusted/set off STCG-short term capital gain of Rs. 3,97,84,884/- with the business loss of Rs. 59,22,83,654/-.(ref- Sch BP, Sch-CG Sch- CYLA), Which is not correct/permissible, as per the provisions of Sec. 72, 71 and 74 of the Income Tax Act. As the addition made in the order u/s. 143(1) dated 28.07.2021 is in tune with the statute, the same is hereby CONFIRMED. 5.9. In result, the appeal is DISMISSED. 3. Aggrieved, the assessee is in appeal before the ITAT by way of raising grounds as reproduced above. 3.1. In the grounds raised the sole plea of the assessee is that claim of carry forward of the loss has been reduced by an amount of Rs. 5,44,65,784/- without being provided an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udit report but not taken into account in computing the total income in the return; (v) disallowance of deduction claimed under [section 10AA or under any of the provisions of Chapter VI-A under the heading C. -Deductions in respect of certain incomes*, if] the return is furnished beyond the due date specified under sub-section (1) of section 139; or (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return: Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode: Provided further that the response received from the assessee, if any shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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