https://www.taxtmi.com/caselaws?id=280455 The Tribunal upheld the CIT(A)'s decision that the surrendered income of Rs. 3.50 crore should be treated as business income and allowed for set-off against current year business loss and depreciation. The Tribunal found that the surrendered income was related to business activities and recorded in the business heads in the books of accounts. The decision distinguished previous cases and concluded that most of the surrendered income should be treated as business income, except for the cash portion without a satisfactory explanation, which was not allowed to be set off against business/depreciation losses. en-us Tue, 22 May 2018 00:00:00 +0530 Mon, 06 May 2019 05:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280455 The Tribunal upheld the CIT(A)'s decision that the surrendered income of Rs. 3.50 crore should be treated as business income and allowed for set-off against current year business loss and depreciation. The Tribunal found that the surrendered income was related to business activities and recorded in the business heads in the books of accounts. The decision distinguished previous cases and concluded that most of the surrendered income should be treated as business income, except for the cash portion without a satisfactory explanation, which was not allowed to be set off against business/depreciation losses. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280455