2025 (9) TMI 1241

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... The assessee has raised the following grounds in appeal as under: (i) On the facts and circumstances of the case, the CIT(A) has earned in law and facts of the case by dismissing the appeal of Mr. Kamal Kant (the appellant) and confirming the income assessed at INR 42,60,922/- as against the returned income of INR3,38,922/- (ii) On the facts and circumstances of the case, the CIT(A) has earned in law and facts of the case by dismissing the appeal of the appellant for providing the due relief under the provisions of section 71(2) of the Act by confirming the rejection order under section 154 of the Act dated 30-07-2020 by jurisdictional AO and thereby also confirming the assessment income of the appellant at INR 42,60,922/- as against ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cessed u/s 143(1) of the Act. The assessee claimed the loss of Rs. 39,22,000/- under the head Business and Profession and income under the head capital gain at Rs. 42,60,922/-. After processing the return of income u/s 143(1) of the act by the CPC, a demand was raised on the assessee. The CPC has not allowed the setoff of business loss under the head Capital Gain. Against this order the assessee was filed the rectification application but no relief was granted to the assessee. 4. Aggrieved, the order of the CPC the assessee preferred the appeal before the Ld. NFAC who vide his order dated 16- 10-2023 dismissed the appeal. Being aggrieved the order of the Ld. NFAC the assessee is in appeal before the Tribunal. 7. The Ld. AR of the assessee....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 'capital gain'. The language is clear and plain and we do not see any bar or prohibition on adjustment of losses incurred by the assessee in F&O trading business against the short term capital gains earned by the assessee on sale of shares and other income earned by the assessee except salary income as there is a specific bar and prohibition raised by the statue by virtue of Section 71(2A) of the Act which debar adjustment of losses incurred under the head 'Profit and gains of business or profession 'to be set off against salary income. Section 71(2A) has a non-obstante clause and creates a bar not withstanding what is contained in Section 71(1) and 72(2) of the Act. The assessee has incurred losses in F&O trading in derivatives which is a....