Taxpayers Can Offset Unexplained Cash Credits Against Business Losses u/s 71(1) of Income Tax Act.

Taxpayers Can Offset Unexplained Cash Credits Against Business Losses u/s 71(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=51401 As per the section 71(1), from one head can be set off against the income from another head of income. - even if the said income is treated as an income assessed u/s 68, still the assessee is entitled to set off of the said income against the business loss en-us Fri, 24 Jan 2020 12:51:49 +0530 Fri, 24 Jan 2020 12:51:49 +0530 TaxTMI RSS Generator Taxpayers Can Offset Unexplained Cash Credits Against Business Losses u/s 71(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=51401 As per the section 71(1), from one head can be set off against the income from another head of income. - even if the said income is treated as an income assessed u/s 68, still the assessee is entitled to set off of the said income against the business loss Highlights Income Tax Fri, 24 Jan 2020 12:51:49 +0530 https://www.taxtmi.com/highlights?id=51401