2021 (9) TMI 136

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.... appeal for the A.Y 2009-10 against the order of the CIT (A)-1, Hyderabad, dated 24.11.2017. 2. This appeal has been coming up for hearing from 18.5.2018 onwards and the assessee is represented by his Counsel Mr.P.S.S. Kailash Nath, who appeared on some occasions. The last appearance was on 2.12.2020. Thereafter, the Bench did not function and on 8.3.2021, since none appeared for the assessee, ....

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....ly, he observed that the business loss was wrongly set off from short term capital gain even though the same was not allowable u/s 72 of the Act. Therefore, he issued notice u/s 154 of the Act for rectification of the mistake. And after considering the assessee's submissions, the Assessing Officer brought to tax the brought forward business loss which was reduced from STCG. The assessee filed an a....

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....ing the set off of brought forward business loss of Rs. 10,63,449 against the Short Term Capital Gains(STCG) arising out of depreciable business assets, which is incorrect and untenable in law and on facts. 3) The Learned CIT has not appreciated the fact that STCG was not on account of any sale of "Fixed Assets", but only on account of "Depreciable Business Assets" forming part of "Block ....

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....t the brought forward business losses. 7) The Learned CIT has not appreciated the fact that it is a well settled proposition of law that the Technical STCG arising out of Sale of depreciable Business Assets U/s.50 of the IT Act can always be set off against the business loss, including the brought forward business losses U/s.72 of the IT Act. 8) The Learned CIT has not taken into....