Case Law Details
Shri Dashrathlal K.Patel Vs ITO (ITAT Ahmedabad)
ITAT held that unabsorbed business losses can be set off against any income from business, be it speculative or otherwise. As per section 72(1)(i) the assessee is clearly entitled to claim the set off of the unabsorbed business losses from speculation business income of the impugned year. There is nothing in the section denying setoff of unabsorbed brought forward business losses from speculative business income.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
Present appeal has been filed by the assessee against order passed by the ld. Commissioner of Income-Tax(Appeals), Gandhinagar [hereinafter referred to as “Ld.CIT(A) under section 250(6) of the Income Tax Act, 1961 (“the Act” for short) dated 04.01.2019 pertaining to the Asst.Year 2015-16.
2. Ground No.1 raised by the assessee is as under:
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