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TMI Blog2021 (9) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... able to controvert this find of the lower authorities. Therefore, the assessee s appeal is dismissed on merits. - ITA No.377/Hyd/2018 - - - Dated:- 30-8-2021 - Smt. P. Madhavi Devi, Judicial Member For the Assessee : None For the Revenue : Sri Waseem-ur-Rehman,DR ORDER This is assessee s appeal for the A.Y 2009-10 against the order of the CIT (A)-1, Hyderabad, dated 24.11.2017. 2. This appeal has been coming up for hearing from 18.5.2018 onwards and the assessee is represented by his Counsel Mr.P.S.S. Kailash Nath, who appeared on some occasions. The last appearance was on 2.12.2020. Thereafter, the Bench did not function and on 8.3.2021, since none appeared for the assessee, a notice was sent to the assessee thro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e business assets, which was looked into in depth and allowed in the re-assessment U/s. 147 of the IT Act, should not have been treated as a mistake apparent from the record U/s.154 of the IT Act and the issue does not come under the purview of section 154 of the IT Act and the Assessment is liable to be set aside. 2) On the facts and in the circumstances and the law, the Learned CIT has grossly erred in upholding Order of the ITO in disallowing the set off of brought forward business loss of ₹ 10,63,449 against the Short Term Capital Gains(STCG) arising out of depreciable business assets, which is incorrect and untenable in law and on facts. 3) The Learned CIT has not appreciated the fact that STCG was not on account of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company prays that the brought forward business losses be directed to be set off against the Technical STCGs of the AY 2009-10 ,which resulted from the sale of depreciable business assets. 10) The appellant Company craves for the leave to amend, modify, delete, add, alter, substitute, enlarge any further grounds of appeal during the course of the appeal proceedings. 4. I find that the assessee itself has offered the income under the head Short Term Capital Gain and not as business income. Therefore, under the provisions of section 72(1), the brought forward business loss can be set off only from business income and cannot be set off from STCG. The assessee has not ben able to controvert this find of the lower authorities. Theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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