https://www.taxtmi.com/caselaws?id=13380 The court upheld the decision of the Income-tax Appellate Tribunal, allowing the set off of a business loss against undisclosed income under Section 71 of the Income-tax Act, 1961. The Revenue's appeal was dismissed as the Assessing Officer failed to provide valid reasons for denying the set off. The court emphasized that Income-tax is levied on total income and losses under one head can be offset against income from another head, except for capital gains. The judgment concluded that no substantial question of law arose, and the tax case was dismissed with no costs. en-us Mon, 09 Apr 2007 00:00:00 +0530 Thu, 15 Feb 2024 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13380 The court upheld the decision of the Income-tax Appellate Tribunal, allowing the set off of a business loss against undisclosed income under Section 71 of the Income-tax Act, 1961. The Revenue's appeal was dismissed as the Assessing Officer failed to provide valid reasons for denying the set off. The court emphasized that Income-tax is levied on total income and losses under one head can be offset against income from another head, except for capital gains. The judgment concluded that no substantial question of law arose, and the tax case was dismissed with no costs. Case-Laws Income Tax Mon, 09 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13380