https://www.taxtmi.com/caselaws?id=289647 The Appellate Tribunal ITAT Chennai allowed the Revenue's appeal, overturning the decision of the Ld.CIT(A) to permit the set off of business loss from unexplained cash credits u/s.68 of the Income Tax Act for the assessment year 2006-07. The Tribunal clarified that unabsorbed depreciation cannot be set off against deemed income u/s.69, as Section 72 restricts set off to "profits and gains of business or profession." The decision underscores adherence to statutory provisions and legal precedents in interpreting Sections 14, 32, and 72 for set off of losses. en-us Wed, 06 Apr 2016 00:00:00 +0530 Wed, 12 Aug 2020 17:02:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289647 The Appellate Tribunal ITAT Chennai allowed the Revenue's appeal, overturning the decision of the Ld.CIT(A) to permit the set off of business loss from unexplained cash credits u/s.68 of the Income Tax Act for the assessment year 2006-07. The Tribunal clarified that unabsorbed depreciation cannot be set off against deemed income u/s.69, as Section 72 restricts set off to "profits and gains of business or profession." The decision underscores adherence to statutory provisions and legal precedents in interpreting Sections 14, 32, and 72 for set off of losses. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289647