Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
The ITAT allowed the assessee's appeal, holding that section 71(2) of the Income Tax Act permits the set-off of business losses against income from other sources, including capital gains, without prescribing a sequence for such set-off. Since no business income existed for the year, section 70, which mandates intra-source loss set-off, was inapplicable. The tribunal clarified that the assessee's method of setting off losses against income under different heads constituted legitimate tax planning within the statutory framework. Consequently, the deduction under Chapter VI-A disallowed by the Assessing Officer was directed to be granted as claimed by the assessee.
The ITAT allowed the assessee's appeal, holding that section 71(2) of the Income Tax Act permits the set-off of business losses against income from other sources, including capital gains, without prescribing a sequence for such set-off. Since no business income existed for the year, section 70, which mandates intra-source loss set-off, was inapplicable. The tribunal clarified that the assessee's method of setting off losses against income under different heads constituted legitimate tax planning within the statutory framework. Consequently, the deduction under Chapter VI-A disallowed by the Assessing Officer was directed to be granted as claimed by the assessee.
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