9911796707
TMI Blog1985 (7) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... court Assessment years 1969-70 to 1971-72 1. Whether, on the facts and in the circumstances of the case, the findings of the Tribunal that no evidence had been produced by the assessee company to prove that Sri A. V. Birla, Smt. Priyamvada Devi Birla and Smt. Sunanda Devi Birla had rendered any services to the assessee company was perverse and based on no evidence and ignoring the relevant materials on record for the assessment years 1969-70 and 1970-71 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the remuneration paid to Sri A. V. Birla, Smt. Priyamvada Devi Birla and Smt. Sunanda Devi Birla, were not for the purpose of assessee company's business and were not incidental ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital assets and made gains in respect of assets other than short-term capital assets. The Income-tax Officer deducted the loss on account of short-term capital assets against the gains made in respect of other capital assets in the first instance and thereafter the balance was set off against the income of the assessee from other heads. The assessee preferred an appeal against the assessment contending, inter alia, that the loss relating to short-term capital assets should have been set off first against other heads of income and not against the gains in respect of assets other than short-term capital. The contention of the assessee was rejected by the Appellate Assistant Commissioner. The assessee preferred a further appeal before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset. Section 71(2): Where in respect of any assessment year the net result of the computation under any head of income other than 'Capital gains' is a loss and the assessee has income assessable under the head 'Capital gains', such loss may, subject to the provisions of this Chapter, be set off (i) against the income, if any, of the assessee assessable for that assessment year under any head including income assessable under the head 'Capital gains' (whether relating to short-term capital a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward to following assessment year and set off against the capital gains, if any, relating to capital assets other than short-term capital assets assessable for that assessment year and, if it cannot be so set off, the amount thereof not so set off shall be carried forward to the following assessment year and so on. " From the said sections, it appears that the Legislature intended to draw a distinction between short-term capital assets and other capital assets and income or loss arising out of the two types of capital assets have been treated as if falling under different heads. Under section 70(2)(i) of the Act, on a computation made under sections 48 to 55 in respect of any short-term capital asset resulting in loss, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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