Commissioner of Incometax v. Shilpa Dyeing & Printing Mills (P.) Ltd.

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The Tax Publishers2014 TaxPub(DT) 0164 (Guj-HC) : (2013) 219 TAXMAN 0279 : (2014) 100 DTR 0381 CIT v. Shilpa Dyeing & Printing Mills (P.) Ltd. INCOME TAX ACT, 1961 --Loss --Set off of business loss against income disclosed during survey--In the return, assessee adjusted current year's loss against income disclosed during survey. AO holding a belief that income from unlisted source would not fall under any of the heads of the income, the same had to be taxed separately, the current losses could not be set off against such income. *Held:* By applying the decision in case of Fakir Mohamed, Haji Hasan v. CIT (2001) 247 ITR 290 (Guj), as explained in case of Dy. CIT v. Radhe Developers India Ltd. & Anr. (2010) 329 ITR 1 (Guj), the business loss of the current year could be set off against additional income declared during survey. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2014 TaxPub(DT) 0164 (Guj-HC) : (2013) 219 TAXMAN 0279 : (2014) 100 DTR 0381

CIT v. Shilpa Dyeing & Printing Mills (P.) Ltd.

INCOME TAX ACT, 1961

--Loss --Set off of business loss against income disclosed during survey--In the return, assessee adjusted current year's loss against income disclosed during survey. AO holding a belief that income from unlisted source would not fall under any of the heads of the income, the same had to be taxed separately, the current losses could not be set off against such income. Held: By applying the decision in case of Fakir Mohamed, Haji Hasan v. CIT (2001) 247 ITR 290 (Guj), as explained in case of Dy. CIT v. Radhe Developers India Ltd. & Anr. (2010) 329 ITR 1 (Guj), the business loss of the current year could be set off against additional income declared during survey.