2022 (7) TMI 1386

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..... regarding the adjustment of derivative loss against the income declared u/s 44AD of the Act which were duly replied and the relevant evidences in support of the claim were also furnished. AO having satisfied with the reply and explanation submitted by the assessee passed the assessment order accepting the adjustment/set off of derivative loss against business income of the assessee.As submitte .....

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..... x, Asansol [hereinafter referred to as PCIT ] exercising his revision jurisdiction u/s 263 of the Income Tax Act (hereinafter referred to as the Act ). 2. At the outset, the ld. Counsel for the assessee has invited our attention to the impugned order of the ld. PCIT passed u/s 263 of the Act to submit that the ld. PCIT has noted that the business income of the assessee was computed u/s 44AD o .....

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..... declared u/s 44AD of the Act which were duly replied and the relevant evidences in support of the claim were also furnished. The Assessing Officer having satisfied with the reply and explanation submitted by the assessee passed the assessment order accepting the adjustment/set off of derivative loss against business income of the assessee. The ld. Counsel has submitted that even otherwise there i .....

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