TaxTMI 
TaxTMI 
2023 (3) TMI 1306
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....assed by the Ld. CIT(Appeals), National Faceless Appeal Center (in short "NFAC"), Delhi on 28.10.2022 for A.Y. 2012-13. 2. The grounds of appeal raised by the assessee are as under: "1. That the notice issued under section 148 of the Act and subsequent reassessment proceedings and the assessment order passed under section 143(3) by the learned AO is against the law and direction/instruction of ....
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....earing." 3. The assessee company has not furnished the return of income for A.Y. 2012-13 under Section 139(1) of the Act. As per 26AS details of ITS available in the case of assessee company, the Assessing Officer observed that the assessee received total amount of Rs. 29,88,735/- from Claris Lifesciences Ltd. and LIC of India on which TDS under Section 194I and 194D of the Act was deducted respe....
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....come from house property. The Assessing Officer after taking cognizance of the submissions made by the assessee disallowed Rs. 14,51,031/- which was claimed by the assessee on account of loss from business or profession. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. A.R. submitted that the ....
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....s case is covered under Section 71 of the Act and said section state that barring exception losses, business loss can be set off against other heads (as "Inter Head Adjustment") for the Assessment Year under consideration. The Ld. A.R. submitted that the department has restricted it as per Section 80 of the Act where the restriction is carry forward of business loss of the return of income not fil....