2014 (7) TMI 511

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....ssee directed against the Order by the Commissioner of Income Tax (Appeals)-22, Mumbai ('CIT(A)' for short) dated 01.01.2010, dismissing the assessee's appeal contesting its assessment u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year (A.Y.) 2006-07 vide order dated 26.12.2008. 2. The sole issue arising in the instant case; the assessee not pressing its ground....

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....14,890 (**) - 19,14,890 Total 40,48,367 1,13,335 39,35,032   (*) Including unabsorbed depreciation at Rs. 1,13,821/-. (**) Including unabsorbed depreciation at Rs. 56,585/-. The same was found unacceptable by the Assessing Officer (A.O.) in view of section 73 of the Act, which allows set off of the loss of any speculation business against the income by way of profits and gains of any sp....

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....4, 17-18, 21-22 and 24-25 respectively. We find the Revenue's objection to the assessee's claim as misplaced. The section governing the carry forward and set off of business loss, i.e., other than of a speculation business, is covered by section 72 and not by section 73, which is only qua the carry forward and set off of speculation loss, i.e., loss of a speculation business, which stands, to the ....