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TMI Blog2017 (2) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... was furnished in this regard either before the lower authorities or before us for the contention that the Farm House was used as a residential house. The assessee could not establish as to whether any income was earned from the aforesaid farm house which was being assessed as ‘income from house property’.- Decided against assessee. Disallowance for set off of brought forward capital loss - Held that:- CIT(A) held that no capital loss was declared in the return filed by the assessee for the AY 2006-07, which could have disclosed the Long Term Capital Loss in the column meant for income from capital gains. CIT(A) also observed that the assessment for the AY 2006-07 was completed u/s 143(3) and the said assessment order, there was no menti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case in confirming the disallowance of ₹ 55,91,510/- for set off of brought forward capital loss. The disallowance should be cancelled. 3. The facts of the case are that, for the year under consideration, the assessee had declared a total income of ₹ 1,53,78,632/- under the provisions of Income-tax Act, 1961 (in short the Act ). The Assessing Officer passed the assessment order u/s 143(3) of the Act on 30.12.2010 determining total income at ₹ 2,46,55,364/- by making following disallowance/additions, which are confirmed by the ld. CIT(A) in further appeal. i) Deduction u/s 54 of the Act - ₹ 36,85,222/- ii) Set off of brought forward capital loss - ₹ 55,91,510/- 4. Aggrieved by the order of ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee-trust is neither an individual nor a Hindu Undivided Family; whereas the assessee-trust is being assessee in the status of AOP . Thus, he rightly held that the assessee is not entitled to the deduction u/s 54 of the Act. Besides, the ld. CIT(A) held that the Long Term Capital Gain arised from the transfer of a capital asset should be a building or land appurtenant thereto and must be used as a residential house. In the case on hand, the ld. CIT(A) observed that the assessee had sold its Farm House which was never been used as a residential house. No evidence was furnished in this regard either before the lower authorities or before us for the contention that the Farm House was used as a residential house. Moreover, the ld. Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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