2020 (7) TMI 742

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....present appeal has been filed by the assessee against the order of the ld. CIT(A)-16, New Delhi dated 16.03.2015. 2. Following grounds have been raised by the assessee: "1. That ld. CIT (A) has grossly erred in confirming the disallowance of claim of set-off of "B/f unabsorbed Short Term Capital Loss Rs. 49,83,312/-" against the current year's income from Short Term Capital Gain, which disallow....

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....t capital gain declared during the year on the grounds that, the claim of the assessee is not tenable in view of the fact that in his statement recorded u/s 132(4), the assessee has not claimed the adjustment of brought forward loss on account of the short term capital gain declared. 5. The ld. CIT (A) supported the contention of Assessing Officer on the grounds that the additional income offered....

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....he assessee on 17.09.2010 and as such the assessment year under consideration is an assessment to be framed u/s 143(3) of the Act taking into consideration the relevant seized material, if any, being the assessment of the search year. 9. On going through the facts of the case, we do not find any merit in the contention of the Assessing Officer that the assessee has not claimed adjustment of broug....

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....of the assessee is as under: i) Business Income Net Loss as per P&L A/c   (19,08,891.64) ii) Short Term Capital Gain for the year Less: Unabsorbed Short Term Loss B/f from A.Y.2008-09  15,22,00,000.00 49,83,312.64   14,72,16,687.36 iii) Income from House Property   2,69,500.00 iv) Income from other sources   4,44,436.56 Gross Taxable Income   14,60,2....