https://www.taxtmi.com/caselaws?id=214863 The appeal by the revenue challenging the deletion of an addition of Rs. 40,00,000/- offered by the assessee as additional income for taxation was dismissed. The CIT(A) and Tribunal ruled that the surrendered income was to be taxed under income from other sources and not separately added for tax payment. Additionally, the Tribunal upheld that the surrendered income could be set off against business losses as per the provisions of sections 71 and 72 of the Income Tax Act. The revenue's appeal was dismissed, affirming the CIT(A)'s decision. en-us Fri, 15 Jun 2012 00:00:00 +0530 Mon, 09 Jul 2012 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214863 The appeal by the revenue challenging the deletion of an addition of Rs. 40,00,000/- offered by the assessee as additional income for taxation was dismissed. The CIT(A) and Tribunal ruled that the surrendered income was to be taxed under income from other sources and not separately added for tax payment. Additionally, the Tribunal upheld that the surrendered income could be set off against business losses as per the provisions of sections 71 and 72 of the Income Tax Act. The revenue's appeal was dismissed, affirming the CIT(A)'s decision. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214863