https://www.taxtmi.com/caselaws?id=410696 The Tribunal ruled in favor of the assessee, allowing the set off of business losses against surrendered income for the assessment year 2012-13. The Tribunal considered the surrendered amount as business income, following legal precedents and directed the assessing officer to delete the disallowance. Regarding the disallowance of salary to partners under section 40(b) of the Act, the Tribunal remanded the issue for re-evaluation in light of the decision on the set off of business losses. The appeal was allowed in part for statistical purposes. en-us Fri, 16 Jul 2021 00:00:00 +0530 Tue, 09 Aug 2022 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410696 The Tribunal ruled in favor of the assessee, allowing the set off of business losses against surrendered income for the assessment year 2012-13. The Tribunal considered the surrendered amount as business income, following legal precedents and directed the assessing officer to delete the disallowance. Regarding the disallowance of salary to partners under section 40(b) of the Act, the Tribunal remanded the issue for re-evaluation in light of the decision on the set off of business losses. The appeal was allowed in part for statistical purposes. Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410696