2020 (7) TMI 742

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....R Dr. B. R. R. Kumar,  The 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 inco....

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....rm capital loss of Rs. 49,83,312/- against the short 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 Offi....

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....sequent to a search action taken place at the premises of the 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 ....

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....s provided under the Income Tax Act. The computation of income 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 ....