https://www.taxtmi.com/caselaws?id=263565 The High Court held that unexplained income under Section 68 of the Income Tax Act cannot be considered for set off against business losses. The Tribunal's decision allowing the set off of business losses against income assessed under Section 68 was set aside. The appeal was disposed of in favor of the Revenue, emphasizing that such unexplained income cannot be treated as business income under any head provided under Section 14, thereby disallowing the set off. en-us Wed, 19 Aug 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263565 The High Court held that unexplained income under Section 68 of the Income Tax Act cannot be considered for set off against business losses. The Tribunal's decision allowing the set off of business losses against income assessed under Section 68 was set aside. The appeal was disposed of in favor of the Revenue, emphasizing that such unexplained income cannot be treated as business income under any head provided under Section 14, thereby disallowing the set off. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263565