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ORDER M.R. Shah, J. - Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal") dated 31.07.2013 passed in ITA No.2536/AHD/2012 for AY 2009-10, the assessee has preferred the present Tax Appeal with the following proposed question of law. "A. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in upholding the order of the lower authorities in not allowing set off of business loss against income from house property as provided under Section 70 of the Act? B. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in passing an unreasonable order devoid of any cogent reasons for rejection?" 2. That the assessee filed return of income for the year consideration declaring total income at Rs.18,58,721/-. The same was processed under Section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"). The case was later on selected for scrutiny assessment. Notice under Section 143(2) of the Act was issued, which was duly served upon the assessee. It appears that during the year under consideration and though the assessee company had given the complete production facility on rent and entered into lease agreement with Rex-tone Industries Limited, Mumbai to allow them to utilize the buildings along with land located at Plot No.5, GIDC, Por, Vadodara and received total rental income at Rs.39 lacs. The assessee furnished computation of income and it was notice that rental income at Rs.39 lacs under the head the income from house property and claimed deduction under Section 24 of the Act of Rs.11,70,000/-. The assessee also claimed set off business loss of Rs.8,71,279/- against the income from house property under Section 71 of the Act. The assessee was called upon to justify its claim of set off business loss at Rs.8,71,279/- against the income received from house property and the assessee tried to notify claim, however the Assessing Officer was not satisfied with the explanation. The Assessing Officer opined that as such there was no…

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