Allowing the appeal of the Revenue the Court held that\u00a0 though the Tribunal had recorded the submission of the assessee that there was no bar under the Act for setting off derivative loss under section\u00a073(1)\u00a0against business income, the Tribunal had not given any finding as to the correctness of such submission but had held that the Department could not have reverted the contention of the assessee. The record which was examined by the Tribunal was not placed before the Principal Commissioner for consideration so as to take a decision on the merits and the Tribunal had not given a specific finding as to how there was no bar under the Act for setting off under section\u00a073(1)\u00a0of derivative loss against business income.\u00a0 The orders passed by the Tribunal and the Principal Commissioner were set aside. The matter was remanded to the Principal Commissioner for fresh decision on consideration of the document to be submitted by the assessee.(AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-
\n Set-off of loss-Derivative loss-Business income-Documents placed before tribunal not furnished before Principal Commissioner- Non-speaking order-Matter remanded to PCIT. [S.73(1), 254(1), 260A]<\/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":[21],"tags":[],"class_list":["post-45964","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bXm","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45964","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=45964"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45964\/revisions"}],"predecessor-version":[{"id":45965,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/45964\/revisions\/45965"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=45964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=45964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=45964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}