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TMI Blog2012 (5) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... de for purchase of car. Briefly stated, the facts of the case are that search action was taken against the assessee on 05-01-2007. Notice u/s. 153A was issued, in response to which the assessee filed return declaring total income at Rs.2,02,500/-. During the course of assessment proceedings, it was observed by the AO that the assessee purchased one Maruti Esteem car on 13-11-2001. On being called upon to explain the source of the purchase of car, the assessee stated that a sum of Rs.2,62,184/- was contributed by him in cash out of earnings and the remaining amount of Rs.2,93,100/- came as loan taken from Standard Chartered Bank for the purchase of the car. Not satisfied, the AO made addition of Rs.5,55,284/-towards the purchase price of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earing on the asset side of the balance sheet of the assessee. As such, we are of the considered opinion that the ld. CIT(A) was justified in sustaining addition to this extent. 4. The other grounds in this appeal are against the disallowance of set off of brought forward business loss. The facts apropos these grounds are that the assessee in his return u/s.153A claimed set off of business loss of Rs.1,45,021/- and speculation loss of Rs.2,50,950 against the current income. The AO did not grant the set off on the ground that the set off, which was not claimed in the original return of income, could not be allowed in the return filed in response to notice u/s.153A. Before the ld. first appellate authority also, the assessee contended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equirement of furnishing the returns within the time required u/s.139(1). 6. It is further important to note that sec. 153A dealing with assessment in case of search provides for the issuance of notice to the assessee in respect of each assessment year falling within six assessment years immediately preceding the assessment year relevant to the previous year in which search is conducted. Sec. 153A(1)(a) clearly provides that "the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139". From the prescription of sec. 153A, it is apparent that the return filed in response to notice u/s.153A is treated as the return filed u/s.139. If that is the positi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we set aside the impugned order and restore the matter to the file of AO for allowing the set off of the brought forward business loss against the current year's income as per law after allowing a reasonable opportunity of being heard to the assessee. 9. In the result, the appeal is partly allowed for statistical purposes. A.Y. 2007-08:- 10. The only issue raised in this appeal is against the confirmation of disallowance of set off of brought forward business loss for assessment year 2001-02. 11. We have heard the rival submissions and perused the relevant material on record. The sum and substance of the submissions advanced by both the sides is the reiteration of the arguments made for assessment year 2002- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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