https://www.taxtmi.com/caselaws?id=220390 The HC held that surrendered sums assessed under ss.69/69A/69B/69C are deemed income distinct from income under s.14 heads (salary, house property, business/profession, capital gains or other sources) because their source is unexplained; accordingly such deemed income cannot attract deductions or set-offs available under ss.70 and 71 against business losses. The court sustained taxation of surrendered income as deemed income without allowing inter-head or intra-head set-off, ruling against the taxpayer. en-us Wed, 27 Apr 2011 00:00:00 +0530 Mon, 27 Oct 2025 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220390 The HC held that surrendered sums assessed under ss.69/69A/69B/69C are deemed income distinct from income under s.14 heads (salary, house property, business/profession, capital gains or other sources) because their source is unexplained; accordingly such deemed income cannot attract deductions or set-offs available under ss.70 and 71 against business losses. The court sustained taxation of surrendered income as deemed income without allowing inter-head or intra-head set-off, ruling against the taxpayer. Case-Laws Income Tax Wed, 27 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220390