https://www.taxtmi.com/caselaws?id=307092 The Tribunal allowed the appeal, directing the AO to set off business losses against the surrendered income. It held that the surrendered income should be considered as business income, allowing for set off under section 71 of the Income Tax Act. The Tribunal also clarified that the newly inserted section 115BBB was not applicable for the relevant assessment year, emphasizing that income chargeability is governed by section 14 of the Act. The decision provided clarity on the assessment of voluntary surrendered income and set off of losses, ensuring a fair application of tax laws. en-us Thu, 19 May 2016 00:00:00 +0530 Fri, 17 Mar 2023 21:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307092 The Tribunal allowed the appeal, directing the AO to set off business losses against the surrendered income. It held that the surrendered income should be considered as business income, allowing for set off under section 71 of the Income Tax Act. The Tribunal also clarified that the newly inserted section 115BBB was not applicable for the relevant assessment year, emphasizing that income chargeability is governed by section 14 of the Act. The decision provided clarity on the assessment of voluntary surrendered income and set off of losses, ensuring a fair application of tax laws. Case-Laws Income Tax Thu, 19 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307092