https://www.taxtmi.com/caselaws?id=346113 The Tribunal held that the surrendered income of Rs. 1.75 crores is assessable under the head "Income from business and profession." The set-off of business losses and depreciation was allowed against the surrendered income as per sections 70 and 71 of the Income-tax Act. The Assessing Officer was directed to set off the business losses against the surrendered income. en-us Thu, 23 Mar 2017 00:00:00 +0530 Fri, 04 Aug 2017 07:07:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346113 The Tribunal held that the surrendered income of Rs. 1.75 crores is assessable under the head "Income from business and profession." The set-off of business losses and depreciation was allowed against the surrendered income as per sections 70 and 71 of the Income-tax Act. The Assessing Officer was directed to set off the business losses against the surrendered income. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346113