2014 (7) TMI 511

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.... A. M. This is an Appeal by the Assessee 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 c....

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....-03 21,33,477 (*) 1,13,335 20,20,142 2003-04 19,14,890 (**) - 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 speculat....

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....ment of income from A.Ys. 2000-01 to 2006-07, at PB pgs.1-2, 5-6, 10, 14, 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 specul....