Case Law Details
Ashapura Build Con Vs ITO (ITAT Ahmedabad)
In a recent case, Ashapura Build Con appealed against the orders passed by the Ld. Commissioner of Income Tax (Appeals) at the National Faceless Appeal Centre, Delhi, for the assessment years 2017-18 and 2018-19. The appeals were related to the setting off of business losses against property income and income from other sources.
The appellant, a partnership firm, filed returns with a business loss and income from house property. However, the intimation under Section 143(1) of the Income Tax Act did not consider the business loss while calculating the income. The appellant applied for rectification, but the orders passed under Section 154 did not address the issue. The CIT(A) also dismissed the appeals.
The ITAT Ahmedabad partly allowed both appeals, directing the Assessing Officer to consider the business loss and rectify the intimation orders. The setting off of business loss against property income and income from other sources was upheld by the ITAT.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
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