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TMI Blog2015 (5) TMI 223X X X X Extracts X X X X X X X X Extracts X X X X ..... r Sudhir M Mehta, Adv. For the Respondent : None ORDER (Per : Honourable Mr. Justice M. R. Shah) 1. Feeling aggrieved by and dissatisfied with the impugned judgment and order passed by the ITAT dated 12.9.2014 passed in ITA No.156/Ahd/2011, by which the learned Tribunal has dismissed the said appeal preferred by the revenue confirming the order passed by the learned CIT (Appeals) in holding that the addition made by the Assessing Officer under section 68 are liable to be set off against unabsorbed depreciation, the revenue has preferred present tax appeal with the following proposed substantial question of law. [A] Whether in the circumstances and facts of the case and in the law, the Hon'ble ITAT is justified in up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) with respect to unsecured loan and peak credit of squared up loans aggregating to ₹ 13,80,000/- does not fall under any of heads of income specified by the Act and therefore, cannot be set off against business loss/unabsorbed depreciation. That thereafter, the assessment u/s 143 read with section 147 of the Act was completed by disallowing the set off of brought forward depreciation loss of ₹ 13,80,000/-. Feeling aggrieved by and dissatisfied with the reassessment order disallowing the set off of brought forward loss of ₹ 13,80,000/-, the assessee preferred appeal before the learned CIT (Appeals) and the learned CIT (Appeals) partly allowed the said appeal and allowed the set off of brought forward depreciation by holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chargeability of income of every kind which has not to be excluded from the total income under the Act, only if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E. 8. Thus, in view of the above decision of the Hon'ble Supreme Court, the amount which has been deemed as income u/s 68 is assessable as income from other sources and because of the same, it forms part of the total income of the assessee. 9. It is not in dispute that brought forward unabsorbed depreciation can be set off against the income which is assessable under the head 'income from other sources.' We, therefore, do not find any error in the order of the Commissioner of Income tax (Appeals). It is confirmed. The g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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