https://www.taxtmi.com/caselaws?id=343300 The appeal was focused on the jurisdiction of the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act and the merits of additions made by the Assessing Officer (AO). The CIT set aside the AO's assessment, directing a reassessment due to the set-off of business loss against income from other sources. However, the High Court held that as the AO's decision was supported by judicial precedents, the CIT's order under Section 263 was quashed. The AO's decision to allow the set-off of business loss against unexplained income was upheld, and the appeal of the assessee was allowed. en-us Thu, 11 May 2017 00:00:00 +0530 Tue, 23 May 2017 07:51:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343300 The appeal was focused on the jurisdiction of the Commissioner of Income Tax (CIT) under Section 263 of the Income Tax Act and the merits of additions made by the Assessing Officer (AO). The CIT set aside the AO's assessment, directing a reassessment due to the set-off of business loss against income from other sources. However, the High Court held that as the AO's decision was supported by judicial precedents, the CIT's order under Section 263 was quashed. The AO's decision to allow the set-off of business loss against unexplained income was upheld, and the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 11 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343300