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“Section 71(1)”

Section References (mined)Section 71Section 71(1)8 judgments

KAMAL KANT,DELHI vs. ITO, WARD-54(1), DELHI

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 3594/DEL/2023[2009-10]Status: DisposedITAT Delhi17 Sept 2025AY 2009-10

Bench: Sh. Sudhir Kumar & Sh. Manish Agarwalassessment Year: 2009-10 Kamal Kant Vs. Income Tax Officer Ward K-15 South Extension –One 54(1) Civic Centre Delhi New Delhi 110049 Pan No. Aaipk 1374K (Appellant) (Respondent)

Section 143(1)Section 154Section 234ASection 43(5)(d)Section 70Section 70aSection 71(2)

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 assesse has incurred losses in F&O trading in derivatives which is assessable as non-speculative business loss under

HORIZON DREAM HOMES PRIVATE LIMITED,MUMBAI vs. ASSISSTANT COMMISSIONER 12(2)(2), MUMBAI

In the result the appeal filed by the assessee is partly\nallowed for statistical purposes

ITA 5934/MUM/2024[2011-12]Status: DisposedITAT Mumbai08 May 2025AY 2011-12
Section 14Section 143(1)Section 143(2)Section 143(3)Section 148Section 154Section 156Section 68

gains from Business or\nProfession amounting to Rs.55,45,600 including depreciation\nof Rs.392810 against income from other sources as provided\nin Section 71(1). Please note that the provisions of Section\n115BBE are not applicable for the Asst. Year 2011-12. We\nkindly request your good self to allow ... income brought to tax\nunder the head “income from other sources”. In this regard, our\nreference was drawn to the provisions of section 71(1) which\nallows set-off of loss under one head against the income under\nanother head of income during the financial year relevant

VIGEN HEALTHY TECH INDIA PRIVATE LIMITED,NEW DELHI vs. ACIT CIRCLE-26(2), NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 6669/DEL/2019[2016-17]Status: HeardITAT Delhi09 Feb 2024AY 2016-17

Bench: Dr. B. R. R. Kumarshri Anubhav Sharmaasstt. Year: 2016-17 Vigen Healthy Tech India P Ltd., Vs The Acit, Circle -26(2), Plot No. 16-17, Near Bramha New Delhi Apartment, Sector 7, Dwarka, New Delhi 110075 (Appellant) (Respondent) Pan No. Aadcv 0003 A Assessee By : Sh. Abhijeet, Adv. Revenue By : Sh.Amit Katoch, Sr. Dr Date Of Hearing: 07.02.2024 Date Of Pronouncement: 09.02.2024

For Appellant: Sh. Abhijeet, AdvFor Respondent: Sh.Amit Katoch, Sr. DR
Section 37

total sales revenue or the said amount of alleged unexplained cash of Rs. 4,42,358/- ought to have been set off under Section 71(1) of the Income Tax Act against the net business loss of the appellant, however, the respondent as also the assessing officer chose

MEASEG SARAF ELECTRICALS PRIVATE LIMITED,RAMPURA PHUL vs. PRINCIPAL COMMISSIONER OF INCOME TAX , BATHINDA

In the result, appeal of the assessee ITA No

ITA 286/ASR/2019[2014-15]Status: HeardITAT Amritsar20 Sept 2023AY 2014-15

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 142(1)Section 143(2)Section 143(3)Section 263Section 43(5)

Therefore, the business loss incurred by the appellant is eligible for set off against other income in terms of the provisions of section 71(1) of the Act.” The transaction related high sea sales is normal business transaction and not the speculative in nature. The issue is covered

MILLENNIUM REAL ESTATE DEVELOPERS PVT. LTD,JALANDHAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

In the result, the appeal filed by the assessee is allowed for statistical

ITA 653/ASR/2016[2012-13]Status: DisposedITAT Amritsar13 Sept 2023AY 2012-13

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: None (Written submission)For Respondent: Sh. Hitendra Bhauraoji Ninawe, CIT DR
Section 132(1)Section 132(4)Section 14Section 14ASection 56Section 69Section 69ASection 71

shall constitute income under the head 'Other Sources'. The AR further argued that as per the provisions of Section 71(1) the inter head income/loss of the same year are allowed to be set off against each other. AO has not allowed the set off in view

DCIT-3(4), MUMBAI vs. M/S IDBI BANK LTD , MUMBAI

In the result, appeal filed by the assessee is partly allowed

ITA 2937/MUM/2022[2017-2018]Status: DisposedITAT Mumbai11 May 2023AY 2017-2018

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit- 3(4) V. M/S. Idbi Bank Ltd 29Th Floor, Center-1 Central Processing Unit (Tds) World Trade Center, Cuffe Parade Plot No. 82/83, Elemach Bldg Mumbai- 400005 Road No. 7, Street No. 15 Midc, Andheri (E) Mumbai- 400093 Pan: Aabci8842G (Appellant) (Respondent) M/S. Idbi Bank Ltd V. Acit/Dcit-Ltu 22Nd Floor, Idbi Tower 29Th Floor, Centre No. 1 Wtc Complex, Cuffe Parade World Trade Centre, Cuffe Parade Mumbai- 400005 Mumbai- 400005 Pan: Aabci8842G (Appellant) (Respondent)

Section 115JSection 14ASection 18

assessee-bank claimed a set-off under section 24(2) of the Indian Income-tax Act, 1922 (section 71(1) of the present Act), against its income from interest on securities under section 8 of the 1922 Act (similar to section 18 of the present Act). It was held that

INCOME TAX OFFICER WARD-1(1), BATHINDA vs. M/S APEX FIBRE INDIA LIMITED, BATHINDA

ITA 84/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

eligible for set off against other income in terms of the provisions of G.H. Crop Science Pvt. Ltd. v. Dy. CIT & Ors section 71(1) of the Act. Rebuttal of the assessee The CIT(A) has held the transactions of edible oil by the assessee during high seasasnon-speculative ... Therefore, the business loss incurred by the appellant is eligible for set off against other income in terms of the provisions of section 71(1) of the Act. 14.3 Considering the factual matrix and Judicial analysis of law, we find no infirmity or perversity in the finding

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1, BATHINDA vs. M/S G.H. CROP SCIENCE PRIVATE LIMITED , BATHINDA

ITA 56/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

eligible for set off against other income in terms of the provisions of G.H. Crop Science Pvt. Ltd. v. Dy. CIT & Ors section 71(1) of the Act. Rebuttal of the assessee The CIT(A) has held the transactions of edible oil by the assessee during high seasasnon-speculative ... Therefore, the business loss incurred by the appellant is eligible for set off against other income in terms of the provisions of section 71(1) of the Act. 14.3 Considering the factual matrix and Judicial analysis of law, we find no infirmity or perversity in the finding