https://www.taxtmi.com/caselaws?id=379280 ITAT held that surrendered amounts relating to unrecorded debtors were income from the assessee's business, not deemed income under ss.69/69A/69B/69C, since the source was satisfactorily explained as business receivables. Consequently the assessee was entitled to assess the amounts under "business income" and to set off current and brought-forward business losses against them. The tribunal rejected Revenue's plea to tax the amounts under s.115BBE. Further, following prior ITAT precedents, the amendment by Finance Act, 2016 was treated as prospective, so denial of loss set-off did not apply to the year under appeal. en-us Fri, 08 Feb 2019 00:00:00 +0530 Fri, 14 Nov 2025 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379280 ITAT held that surrendered amounts relating to unrecorded debtors were income from the assessee's business, not deemed income under ss.69/69A/69B/69C, since the source was satisfactorily explained as business receivables. Consequently the assessee was entitled to assess the amounts under "business income" and to set off current and brought-forward business losses against them. The tribunal rejected Revenue's plea to tax the amounts under s.115BBE. Further, following prior ITAT precedents, the amendment by Finance Act, 2016 was treated as prospective, so denial of loss set-off did not apply to the year under appeal. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379280