IN THE ITAT AGRA BENCH
Peoples Heritage Hospital Ltd.
versus
Deputy Commissioner of Income-tax, Circle 1(4), Agra
IT Appeal No. 41 (Agra) of 2011
[Assessment year 2007-08]
JULY 27, 2012
ORDER
A.L. Gehlot, Accountant Member
This is an appeal filed by the assessee against the order dated 20.10.2010 passed by the ld. CIT(A)-II, Agra for the Assessment Year 2007-08 on the following grounds :-
“1. That with regards to the facts and circumstances of the case, the ld. A.O. and ld. CIT (Appeals)-II, Agra have erred in fact and law in denying the set off & carry forward business loss to the tune of Rs. 29,94,643/-
2. That with regards to the facts and circumstances of the case, the ld. A.O. and ld. CIT(Appeals)-II, Agra has wrongly interpreted the provisions of section 79 of th3 Income Tax Act while disallowing the set off & carries forward business loss.
3. That the assessment is bad in law and bad on facts.
4. That the assessee may be allowed to add, alter or amend any ground of appeal at the time of hearing of appeal.”
2. The brief facts of the case are that the assessee company is running Hospital under the name and style of M/s. Peoples Heritage Hospital Limited. During the assessment proceedings the position of share holder funds of the company noted by the Assessing officer (A.O.) is as under :-
