9911796707
TMI Blog2023 (11) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Act does not envisage taxing any income under any head not specified u/s 14 of the Act. The Hon ble Madras High Court in the case of CIT vs. Chensing Ventures [ 2007 (4) TMI 204 - MADRAS HIGH COURT ] as well as case of CIT vs. Shilpa Dyeing Printing Mills (P.) Ltd. [ 2015 (7) TMI 691 - GUJARAT HIGH COURT ] held that the income of such nature from undisclosed sources to be treated as income, should be assessed under income from other sources . Therefore, in the light of this legal position, there is no iota of doubt that the deemed income assessed u/s 69C of the Act should not be treated as income falling outside the ambit of classification contained in section 14. As it is only from the assessment year 2017-18, the Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2011-12 was filed on 27.09.2011 disclosing the total loss of Rs. 2,51,25,110/. Subsequently, the search and seizure operations were conducted in the business premises of the appellant on 09.01.2015. During the course of search and seizure operations, certain incriminating material was stated to have been found and impounded and, therefore, a notice u/s 153A was issued on 29.01.2016 requiring the assessee to file the return of income. In response to the said notice u/s 153A, the appellant filed return of income on 01.03.2016 declaring total loss of Rs. 10,87,92,566/- and the same was revised on 09.12.2016 at total loss of Rs. 2,19,86,444/-. On the basis of the seized material, the appellant had disclosed an amount of Rs. 33,78,714/- on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evelopers India Ltd., 329 ITR 01 (Gujarat). He further submitted that there was no bar under the provisions of the Income Tax Act setting off the loss against the deemed income u/s 68 to 69 of the Act. 8. On the other hand, ld. CIT-DR placing reliance on the orders of the lower authorities submits that the assessment was completed under the provisions of section 143(3) r.w.s. 153A and all the assessments are unabated assessments. Therefore, he submits that the income assessed under the provisions pursuant to the return of income u/s 153A has to be taxed on standalone basis and the loss assessed under the normal provisions of assessment, cannot be allowed to be set-off against the income assessed pursuant to file the return of income u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not envisage taxing any income under any head not specified u/s 14 of the Act. The Hon ble Madras High Court in the case of CIT vs. Chensing Ventures, 291 ITR 258 (Madras) as well as the Hon ble Gujarat High Court in the case of CIT vs. Shilpa Dyeing Printing Mills (P.) Ltd., 219 Taxman 279 (Gujarat) held that the income of such nature from undisclosed sources to be treated as income, should be assessed under income from other sources . Therefore, in the light of this legal position, there is no iota of doubt that the deemed income assessed u/s 69C of the Act should not be treated as income falling outside the ambit of classification contained in section 14 of the Act. Further, reliance placed by the Assessing Officer on the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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