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TMI Blog2017 (9) TMI 1726X X X X Extracts X X X X X X X X Extracts X X X X ..... The captioned appeal by the assessee is directed against the order of CIT(A)-4, Mumbai dated 10.02.2014, pertaining to the Assessment Year 2010-11, which in turn has arisen from the order passed by the Assessing Officer, Mumbai dated 24.01.2013 under section 143(3) of the Income Tax Act, 1961 (in short 'the Act'). 2. At the time of hearing, the only grievance raised by the assessee was against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h attracted the provisions of Sec. 79 of the Act. Therefore, the Assessing Officer directed that the business loss of Rs. 7,96,21,402/- comprised in the total loss was not allowed to be carried forward and set-off in the future years. The said action of the Assessing Officer has been affirmed by the CIT(A), against which assessee is in further appeal before us. 4. Though in the Memo of appeal, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that, for the present, assessee would be satisfied if the directions of the Assessing Officer denying the carry forward of loss are removed and that the dispute may be considered by the Assessing Officer in accordance with law in the subsequent year of actual set-off. 5. On this limited plea of the assessee, the ld. DR has not controverted the fact that the judgement of Hon'ble Supreme Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng on the assessee in the subsequent actual year of set-off. Considered in this light, in our view, the Assessing Officer in the instant year had no jurisdiction to give a finding that the loss of Rs. 7,96,21,402/- cannot be carried forward and set-off against the income of the subsequent year. Therefore, such observations/directions of the Assessing Officer, in our view, are bereft of jurisdictio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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