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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 ..... ome of its past investment or a rental income. The assessee failed to file computation of income in respect to AY 2008-09 in order to indicate the business income shown by him - against assessee. - I.T.A .No-427/Del./2010 - - - Dated:- 12-10-2012 - SHRI G.D.AGARWAL, AND SHRI RAJPAL YADAV, JJ. Appellant by: Sh. SALIL Aggarwal, Adv. Respondent by: Sh. J.S.Minshas, DR ORDER PER R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was selected for scrutiny assessment and a notice u/s 143(2) was issued and served upon the assessee. On scrutiny of the accounts, it revealed to the Assessing Officer that assessee had claimed a business loss of Rs.10,66,545/-. The Ld. Assessing Officer had disallowed this claim of the assessee on the ground that assessee has not carried out any business activity. The appeal to the Ld. CIT(A) did ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee on the ground that assessee has not shown any business income, therefore it is not doing any business. He submitted that earning profit is not necessary for allowing the expenses. The assessee is in the business and, therefore, loss occurred in connection with the business has to be allowed. 5. On the other hand, Ld. DR relied upon the order of Assessing Officer. We have duly consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t are incidental income of its past investment or a rental income. The income reflected in the accounts cannot be termed as a business income. Before us also the Ld. Counsel for the assessee except reiterating the assessee s stand, could not demonstrate how the rental income, interest income or dividend income of the assessee is to be assessed as a business income. He brought to out notice a asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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