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TMI Blog2018 (11) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... n exercising option of setting off of business loss against income under the head capital gains (either long term capital gain or short term capital gain). The facts of the present case assessee has also exercised its right under section 112 of the act and has paid 10% tax on the long term capital gains, and therefore what remains to be adjusted against the business loss is the short term capital gains amounting to ₹ 10,58,675/-. The balance unabsorbed business loss amounting to ₹ 1,29,10,486/- has been carried forwarded by assessee. We do not find any infirmity in the above computation and carry forward of business loss which is in consonance with the provisions of the act We therefore do not agree with computation adopt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pliance to the statutory notices, representative of assessee appeared before the Ld.AO and filed replies and documents. 2. Ld.AO observed that assessee is in the business of granite production and trading of granite blocks and marble slabs. During the assessment proceedings assessee produced books of account and bills and vouchers which were examined on test check basis. 3. Assessee in his return of income had declared business loss of ₹ 1,39,69,160/-and income under the head income from long term capital gain and short term capital gain. Assessee treated income from long term capital gain separately. Ld.AO while passing the assessment order under section 143(3) of the Act adjusted LTCG/STCG income against business loss. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Bombay Tribunal in case of ITO vs. C.J. Shah (1984) 101 ITD 151; Decision of Hon ble Pune Tribunal in case of Coated Fabrics (P.) Ltd., vs. JCIT reported in (2006) 101 ITD 297. 7. On contrary Ld.Sr.DR submitted that set of off losses has to be in accordance with section 70 to 80, which is a part of procedure. By placing reliance upon the order passed by authorities below Ld.Sr.DR submitted that assessee has chosen to carry forward the business loss to avoid MAT provisions. He thus submitted that assessing officer was correct in setting of the business loss against the income earned under the head capital gains. 8. We have perused the submissions advanced by both the sides and the light of the records placed before us. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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