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TMI Blog2019 (2) TMI 1591X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; P.C. : The Revenue is in appeal against the Judgment of the Income Tax Appellate Tribunal, raising the following question of law. "Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal has erred in cancelling the order u/s 154 of the Income Tax Act ignoring the fact the mistake being apparent from the record as per provisions of section 71 (2) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and reduced the carry forward of business loss. This was on the basis that, according to the A.O, during the period relevant to the A.Y. in question, the assessee had declared low tax capital gain. According to the A.O. in terms of Section 71(2) of the Income Tax Act, 1961 ("IT Act" for short) the assessee was under compulsion to set off business loss against the capital gain. Only thereafter th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has no income under the head 'capital gains' he shall, subject to the provisions of this Chapter, be entitled to have the amount of such loss set off against his income, if any, assessable for that assessment year under any other head. This provision came up for consideration before this Court in the case of Commissioner of Income Tax Vs British Insulated Calender's Ltd. Reported in 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssable for that assessment year under any head of income including the head "Capital gains" (whether relating to short-term capital assets or any other capital assets)" 4. In case of British Insulated Calender's (supra) this Court had in respect to sub-section 2 of Section 71 observed that " in case of the assessee declaring capital gain, he had an option to set off the business loss, whereas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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