https://www.taxtmi.com/caselaws?id=365193 The ITAT ruled in favor of the appellant, setting aside the disallowances made by the Assessing Officer. The appellant successfully argued that the commission income and leasing commission were genuine business income properly declared. The ITAT allowed the appeal, emphasizing that the Assessing Officer's treatment of the income as unexplained cash credit under section 68 of the Income Tax Act was incorrect. Additionally, the ITAT held that the appellant was entitled to set off current year business losses against income assessed under section 115BBE, in accordance with relevant legal provisions and precedents. en-us Fri, 03 Aug 2018 00:00:00 +0530 Sun, 12 Aug 2018 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365193 The ITAT ruled in favor of the appellant, setting aside the disallowances made by the Assessing Officer. The appellant successfully argued that the commission income and leasing commission were genuine business income properly declared. The ITAT allowed the appeal, emphasizing that the Assessing Officer's treatment of the income as unexplained cash credit under section 68 of the Income Tax Act was incorrect. Additionally, the ITAT held that the appellant was entitled to set off current year business losses against income assessed under section 115BBE, in accordance with relevant legal provisions and precedents. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365193