CIT's Use of Section 263 Deemed Unjustified for Offsetting Business Losses Against Unexplained Income u/s 71.

CIT's Use of Section 263 Deemed Unjustified for Offsetting Business Losses Against Unexplained Income u/s 71. https://www.taxtmi.com/highlights?id=34937 Revision u/s 263 - business loss cannot be set off against other sources as per sec.71 - there is a divergent view on the issue of set off of business loss out of unexplained income u/s. 71 while computing the income of assessee - CIT is not justified in exercising the jurisdiction u/s. 263 - AT en-us Tue, 23 May 2017 08:10:36 +0530 Tue, 23 May 2017 08:10:36 +0530 TaxTMI RSS Generator CIT's Use of Section 263 Deemed Unjustified for Offsetting Business Losses Against Unexplained Income u/s 71. https://www.taxtmi.com/highlights?id=34937 Revision u/s 263 - business loss cannot be set off against other sources as per sec.71 - there is a divergent view on the issue of set off of business loss out of unexplained income u/s. 71 while computing the income of assessee - CIT is not justified in exercising the jurisdiction u/s. 263 - AT Highlights Income Tax Tue, 23 May 2017 08:10:36 +0530 https://www.taxtmi.com/highlights?id=34937