https://www.taxtmi.com/caselaws?id=280358 The ITAT partly allowed the appeal of the assessee, directing the Assessing Officer to set off business losses against surrendered income, except for the cash component, which was to be taxed separately. The ITAT also instructed the Assessing Officer to allow the benefit of current year depreciation out of the surrendered income assessed as business income. The judgment provides a thorough analysis of legal principles and factual circumstances, ensuring a fair decision. en-us Mon, 28 Dec 2015 00:00:00 +0530 Thu, 02 May 2019 07:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280358 The ITAT partly allowed the appeal of the assessee, directing the Assessing Officer to set off business losses against surrendered income, except for the cash component, which was to be taxed separately. The ITAT also instructed the Assessing Officer to allow the benefit of current year depreciation out of the surrendered income assessed as business income. The judgment provides a thorough analysis of legal principles and factual circumstances, ensuring a fair decision. Case-Laws Income Tax Mon, 28 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280358