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TMI Blog2012 (10) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... e us against the order of Ld. CIT(A)-XVII, New Delhi dated 26.11.2009 passed for AY 2006-07. 2. The grounds of appeal taken by the assessee are not inconsonance with Rule 8 of ITAT Rules. They are descriptive and argumentative in nature. In brief, the grievance of assessee is that it has claimed business loss of Rs.10,67,545/-. Ld. CIT(A) has erred in confirming the disallowance at Rs.10,58,127/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the assessee submitted that assessee company was incorporated under the Companies Act, 1956 on 29.10.1965 vide Registration No- 4503. The main objects of the company as provided in the MOA are investment, finance and other incidental activities. As per its objects, the company has been carrying on the business of investment, finance and trading. During the accounting year relevant to thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ord carefully. Assessing Officer while taking cognizance of the facts, observed that assessee has shown following sources of income:- S.No. Particulars of Income Amount (in Rs.) 1. Income from Rent (HP) 15,39,469 2. Income from Interest (from own fund) 48,312 3. Income from Dividend (tax free) 3,39,348 4. Income from Long Term Capital Gain 1,35,147 5. Income from Short Term Capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al of this assessment order, it nowhere revealed that Assessing Officer has made any discussion about the business activities of the assessee. The assessee failed to file computation of income in respect to AY 2008-09 in order to indicate the business income shown by it. The assessee has shown income of Rs.5,38,570/- which was accepted by the Assessing Officer. He further made disallowance of Rs.7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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