Dismissing the appeal of the assessee the Tribunal held that ; as . there was no business income of assessee during year, business losses incurred in earlier year could not be set-off against income under head income from other sources.However, current year’s operational expenditure is to be allowed as set-off as per the provisions of the Act. The Assessing Officer is directed to examine this aspect and whatever amount is allowable as operational cost of the company can be set-off to the income from other sources, i.e., interest income earned during the year. The Assessing Officer is directed to examine the provisions of law and facts of the case and directed to do accordingly. ( AY.2012-13 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72 : Carry forward and set off of business losses -Business loss incurred in earlier year could not be set off against income under head income from other sources during relevant year- However, current year’s operational expenditure is to be allowed as set-off as per the provisions of the Act . [ S. 37(1), 56, 70, 71 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2795","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-J5","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=2795"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2795\/revisions"}],"predecessor-version":[{"id":2894,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2795\/revisions\/2894"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}