https://www.taxtmi.com/caselaws?id=267822 ITAT held that amounts surrendered during survey other than cash represent business income and may be taxed as such, while cash surrendered is taxable as deemed income under section 69A. The AO had not disputed the assessee's business losses or rejected books; the survey likewise showed trading losses. Accordingly, business losses for the year must be set off against the surrendered business amounts except the cash element, which cannot be offset as it is taxed under a different head. Decision partly in favor of the assessee. en-us Thu, 17 Sep 2015 00:00:00 +0530 Fri, 19 Sep 2025 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267822 ITAT held that amounts surrendered during survey other than cash represent business income and may be taxed as such, while cash surrendered is taxable as deemed income under section 69A. The AO had not disputed the assessee's business losses or rejected books; the survey likewise showed trading losses. Accordingly, business losses for the year must be set off against the surrendered business amounts except the cash element, which cannot be offset as it is taxed under a different head. Decision partly in favor of the assessee. Case-Laws Income Tax Thu, 17 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267822