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TMI Blog2014 (6) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee as to his rights. It is one of their duties to assist a taxpayer in every reasonable way, particularly in the matter of claiming and securing reliefs and in this regard the officers should take the initiative in guiding a taxpayer where proceedings or other particulars before them indicate that some refund or relief is due to him As in view of the decision of the Hon ble Supreme Court in D.P. Sandu Bros. Chembur (P) Ltd [ 2005 (1) TMI 13 - SUPREME COURT] the amount which has been deemed as income u/s. 69 is assessable as income from other sources and because of the same, it forms part of the total income of the assessee. It is not in dispute that genuine business loss can be set off against the income which is assessable under the head income from other sources . We, therefore, do not find any error in the order of the Commissioner of Income Tax (Appeals). It is confirmed. The ground of appeal of Revenue is dismissed. - ITA No. 1143/Ahd/2011 - - - Dated:- 20-6-2014 - SHRI G.C. GUPTA, VICE PRESIDENT AND SHRI N.S. SAINI, ACCOUNTANT MEMBER For the Revenue by : Shri P. L. Kureel, Sr. DR For the Assessee(s) by : Shri Ronak N. Parekh, AR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs 25,32,034 Less: Dalali income Rs 72,893 Already deposited in bank Rs 24,59,141 Less: cheques deposited on 26.10.2006 from Futures Option Rs 6,90,572 Subsequently withdrawn again redeposited on 26.10.2006 Dalali income not shown in return of income Rs 17,68,569 Business loss from Futures Option-shares not shown in return of income Rs 16,20,185 Net Business Income not shown in return of income Rs 1,48,384 5. The Assessing Officer observed that in view of the above explanation, the assessee has offered net business income of Rs 1,48,384/- for taxation. The Assessing Officer observed that it is clear from the submission of the assessee that he has not disclosed his transactions in shares in the return of income. As the assessee has not taken into account transactions of shares while filing the return, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... easons: i. Once the unaccounted bank a/c is open to scrutiny, it is open in respect of all incomes, claims and losses. The A.O. is authorized to make addition on the basis of the documents available with him but at the same time he cannot ignore if any loss/claim comes to his knowledge on the basis of the same document. ii. This was put to the knowledge of the A.O. during the assessment proceedings itself by the appellant. This has been acknowledged by the A.O. in para 6 of the assessment order. iii. Although it is not a fresh claim before me, this is being considered in view of the decision given by Hon'ble ITAT, Mumbai in case of Dy. CIT vs. Asian Paints Ltd. ITA No. 5164/M/2007. iv. The A.O., in his remand report, has not commented anything adverse on this issue. v. This loss is very much regular business loss allowable in view of the proviso (d) of sec.43(5). In view of the above position of facts and law, the A.O. is directed to allow the set off of the loss against the income as per law. Hence this ground of appeal is allowed. 8. We have heard the rival submissions and perused the orders of lower authorities and material available ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom an old circular of CBDT bearing no. No. 14(XL-35) of 1955, dated 11-4-1955 wherein it was opined that Officers of the department must not take advantage of ignorance of an assessee as to his rights. It is one of their duties to assist a taxpayer in every reasonable way, particularly in the matter of claiming and securing reliefs and in this regard the officers should take the initiative in guiding a taxpayer where proceedings or other particulars before them indicate that some refund or relief is due to him. This attitude would, in the long run, benefit the department, for it would inspire confidence in him that he may be sure of getting a square deal from the department. Although, therefore, the responsibility for claiming refunds and reliefs rests with the assessees on whom it is imposed by law, officers should (a) draw their attention to any refunds or reliefs to which they appear to be clearly entitled but which they have omitted to claim for some reason or other; (b) freely advise them when approached by them as to their rights and liabilities and as to the procedure to be adopted for claiming refunds and reliefs. This circular was explained in CIT v. Ahm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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