https://www.taxtmi.com/caselaws?id=338330 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision on all issues. It held that the income declared during the search constituted business income, not taxable under Section 69A, allowing for the set-off of business loss. The Tribunal affirmed the genuine nature of the loss on diamond sales despite lower valuations and supported the deletion of the addition of gross profit, as the books of accounts were found to be accurate and compliant with accounting standards. en-us Wed, 23 Nov 2016 00:00:00 +0530 Tue, 31 Jan 2017 07:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338330 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision on all issues. It held that the income declared during the search constituted business income, not taxable under Section 69A, allowing for the set-off of business loss. The Tribunal affirmed the genuine nature of the loss on diamond sales despite lower valuations and supported the deletion of the addition of gross profit, as the books of accounts were found to be accurate and compliant with accounting standards. Case-Laws Income Tax Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338330