TaxTMI 
TaxTMI 
2021 (10) TMI 1290
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....; No.0698A/2011-12 / CIT(A)-6/15-16 -do 8 1396/Hyd/2015 2001-02 CIT(A)-6, Hyderabad; 30.09.2015; No.0696A/2011-12 / CIT(A)-6/15-16 -do 9 1397/Hyd/2015 2002-03 CIT(A)-VI, Hyderabad; 27.02.2013; No.0697/2011-12 / CIT(A)-VI 143(3) rws 147 of Income Tax Act, 1961. 10 1398/Hyd/2015 2003-04 CIT(A)-6, Hyderabad; 30.09.2015; No.0692A/2011-12 / CIT(A)-6/15-16 -do 11 1399/Hyd/2015 2009-10 CIT(A)-6, Hyderabad; 30.09.2015; No.0595/2014-15/ CIT(A)-6/15-16 -do 12 1400/Hyd/2015 2010-11 CIT(A)-6, Hyderabad; 30.09.2015; No.0175A/2012-13 / CIT(A)-VI/15-16 143(3) rws 147 of Income Tax Act, 1961. 13 940/Hyd/2015 2011-12 CIT(A)-4, Hyderabad; 27.02.2015; 0533/2014-15/ITO, Wd.10(2)/CIT(A)-4 / Hyd/2014- 15 143(3) of Income Tax Act, 1961. 14 941/Hyd/2015 2012-13 CIT(A)-4, Hyderabad; 27.02.2015; 0532/2014-15/ITO, Wd.10(2)/CIT(A)-4 / Hyd/2014- 15 -do- 15 1103/Hyd/2018 2014-15 CIT(A)-6, Hyderabad; 16.02.2018; 0416/2016-17/A3/ CIT(A)-6 -do- 16 1696/Hyd/2018 2015-16 CIT(A)-6, Hyderabad; 04.05.2018; 10251/2017-18/ B2/ CIT(A)-6 -do- Heard both the parties. Case files perused. 2. Both the learned representatives are ad-idem during the course of hearing that all these instant ....
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....IT Vs. Galaxy Surfactants Ltd. that such a loss of 100% "EOU" entitled for section 10B deduction is eligible for set off against profit of other units under the same head. Learned counsel next cited CIT(Exemption) Vs. Dawat E. Hadiyah ITA No.741 & 755/2016 dt.3.12.2018; CIT Vs. Institute of Banking Personnel Selection (2003) 264 ITR 110 (Bom) affirmed in (2018) 89 taxman.com 127 (SC); CIT Vs. Rajasthan & Gujarati Charitable Trust that an income derived from trust's activities has to be computed as per normal commercial principles only. Meaning thereby that set off of expenses against income of subsequent year's is duly allowable. Learned counsel lastly referred to DIT (Exemption) Vs. M/s. Najam Baug Trust ITA No.69/2013 dt.14.01.2015 reiterating the very proposition. Mr. Firose accordingly closed his arguments that the clinching issue herein as to whether section 71 is applicable regarding set off assessee's loss / deficit in mutuality against its interest income from "Other" sources stands settled to rest by the learned co-ordinate bench remand directions (supra). 6. The Revenue has drawn strong support from CIT(A)'s order under challenge declining the impugned set off a....
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....another". We deem it appropriate to observe that the legislative expression "head" of income must be taken as any of the five heads of income provided u/s. 14 of the Act i.e. salary, income from house property, profits and gains of business or profession, capital gains and income from other sources; respectively. We thus are of the opinion that once the assessee's impugned deficit arising from mutuality account is neither covered in any of the said heads as well nor u/s. 2(24)(vii) defining "income" in the very account, section 71 of the Act would not apply in isolation. We further deem it proper to refer to hon'ble apex court's recent larger bench decision in Commissioner of Customs Vs. Dilip Kumar & Co. (2018) 9 SCC 1 (SC) that provisions of a taxing statutes have to be strictly construed only. We next quote CIT Vs. Hariprasad and Co. P. Ltd. (1975) 99 ITR 118 (SC) that a loss arising from a head of income not chargeable to tax is not eligible to be set off against a taxable source as follows : " It may be remembered that the concept of carry forward of loss does not stand in vacuo. It involves the notion of set off. Its sole purpose is to set off the loss against ....
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....he assessee's going by the corresponding statutory provisions in light of relevant facts rather than allowing the same on merits. We further make it clear that the assessee had raised the impugned argument for the first time before the learned co-ordinate bench wherein it thought it proper to redirect the same back to the CIT(A) for necessary verification and adjudication. We thus decline the assessee's instant solitary substantive grievance as well as the main "lead" appeal ITA No.1388/Hyd/2015. Same order to follow in assessee's remaining three appeals 1389 & 1390/Hyd/2015 (heard on 22.09.2021) since learned counsel fairly stated at Bar for all these four cases raise identical substantive grounds. 12. Next comes the assessee's appeals ITA Nos.1392 to 1398/Hyd/2015 (heard on 29.09.2021) wherein learned counsel has made a similar statement that our foregoing adjudication squarely covers the outcome therein. These seven appeals are also dismissed therefore. ITA 940 and 941/Hyd/2015 & 1103 and 1696/Hyd/2018. 13. Learned counsel next invited our attention to the assessee's four appeals ITA Nos.940 and 941/Hyd/2015 along with 1103 & 1696/Hyd/2018 for Assessment ....