https://www.taxtmi.com/caselaws?id=190041 The ITAT dismissed the revenue's appeals, affirming the CIT(A)'s decisions. It upheld the set off of losses against deemed income, classified undisclosed diamond stock as business sales, accepted loss on diamond sales as genuine, and rejected gross profit addition based on rejected books of accounts. The judgment emphasized the income declared during the search was business income, supporting the set off of losses and confirming the genuine nature of the losses. en-us Tue, 31 May 2016 00:00:00 +0530 Thu, 02 Feb 2017 12:11:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190041 The ITAT dismissed the revenue's appeals, affirming the CIT(A)'s decisions. It upheld the set off of losses against deemed income, classified undisclosed diamond stock as business sales, accepted loss on diamond sales as genuine, and rejected gross profit addition based on rejected books of accounts. The judgment emphasized the income declared during the search was business income, supporting the set off of losses and confirming the genuine nature of the losses. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190041