« ITAT-Constitution of Benches » Open DEMAT Account in 24 hrs  Mere Securing a House on Rent in USA is not conclusive fact that Assessee is US Resident to Allow DTAA Benefit: ITAT  20 LPA Opening Hiring Qualified CA For Assurance Manager Profile  Non-Filing of Income Tax Return amounts to Escapement of Income: ITAT upholds Reassessment u/s 147  Non Appreciation of facts in true perspective: ITAT sets aside Revision Order  No Evidence of Tax Evasion by showing Fictitious or False Transactions: ITAT deletes Addition of Expenditure u/s 40A(3)  Earning Interest Income from Inter-Corporate Deposit is Business Income: ITAT  Income Tax Penalty u/s 271E cannot be levied in the absence of Regular Assessment: ITAT  ITAT deletes Addition u/s 68 of Income Tax Act Firm not Taxable for Capital introduced by Partner  Payment for Facebook Ads and Other Digital Advertising Companies not subject to TDS as per DTAA: ITAT  No Service Tax Leviable on Goods component of Composite Works Contract as VAT has been paid: CESTAT  ITAT deletes Addition on Account of Investment made from Undisclosed Sources as all Transactions were made through Banking Channels «  Demag Cranes & Components (India) vs. DCIT (ITAT Pune)... INCOME TAX APPELLATE TRIBUNAL,MUMBAI Constitution of Benches... » Nandi Steels Ltd vs. ACIT (ITAT Bangalore Special Bench) January, 13th 2012 S. 72: Gains arising from business assets not eligible for set-off against B/fd business loss   The assessee sold land & building used for business purposes. Though the gain was offered as capital gains, the assessee claimed, relying on Cocanada Radhaswami Bank Ltd 57 ITR 306 (SC) and other judgements, that as the assets were business assets, the gains there from were eligible for set-off against the brought forward business loss u/s 72. The issue was referred to a Special Bench. HELD by the Special Bench against the assessee:   S. 72 (1) allows brought forward business loss to be set-off against the profits & gains of any business or profession of the subsequent year. The expression profits & gains of business means income earned out of business carried on by the assessee and not just income connected in some way to the business or profession carried on by the assessee. The land & building were fixed & capital assets used by the assessee for its business purposes. The gains arising there from were assessable as capital gains and were not eligible for set-off against the brought forward business loss u/s 72 (Express Newspapers 53 ITR 250 (SC) followed; Cocanada Radhaswami Bank 55 ITR 17(SC) distinguished; Steelcon Industries reversed)