9911796707
TMI Blog1984 (8) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... ning income from the profession of an Income-tax Consultant. He was also carrying on business of money lending from the asst. yr. 1973-74 onwards. For the asst. yr. 1980-81 he claimed that there was a loss in the money lending business amounting to Rs. 17,753. The ITO was of the opinion that the assessee having diverted the capital borrowed for the money lending business to the purpose of purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lending business and could not, therefore, be disallowed. 3. The Revenue is in appeal to point out that because of the diversion of the money lending funds for the purchase of the house property, there should be an inference that the assessee has ceased to carry on the money lending business. But, we are unable to accept this contention because it is contradicted by the admitted fact that the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. For the asst. yr. 1979-80, the ITO had originally accepted the claim of the assessee for the deduction of such loss in the money lending business but the Commissioner acting under s. 263 modified the assessment by withdrawing the deduction of the loss of Rs. 5,443. But in view of our finding for the asst. yr. 1980-81 that the money lending business of the assessee continued to exist, the fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e loss arising in the money lending business in this assessment years also. We, therefore, cancel the order of the CIT made under s. 263 for the asst. yr. 1979-80. 5. For the asst. yr. 1980-81, the only other point relates to the computation of the house property income. The AAC has directed the ITO to accept the annual letting value as returned by the assessee as it conforms with the municipal ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
