https://www.taxtmi.com/caselaws?id=310694 ITAT Ahmedabad held that business losses from incriminating material discovered during search proceedings under section 153A could be carried forward and set off against future profits from the same source. The tribunal ruled that when incriminating material reveals both income and losses, the losses must be considered alongside positive income for complete assessment. The court distinguished this from fresh claims, noting that losses emanating from incriminating material are integral to proper income computation and cannot be treated in isolation. Additionally, the tribunal upheld deletion of additions under section 68, finding that credits in foreign bank accounts were adequately explained through portfolio statements, dividend records, and reconciliations, with evidence showing proper declaration under Black Money Act. en-us Fri, 22 Apr 2022 00:00:00 +0530 Tue, 07 Nov 2023 21:48:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310694 ITAT Ahmedabad held that business losses from incriminating material discovered during search proceedings under section 153A could be carried forward and set off against future profits from the same source. The tribunal ruled that when incriminating material reveals both income and losses, the losses must be considered alongside positive income for complete assessment. The court distinguished this from fresh claims, noting that losses emanating from incriminating material are integral to proper income computation and cannot be treated in isolation. Additionally, the tribunal upheld deletion of additions under section 68, finding that credits in foreign bank accounts were adequately explained through portfolio statements, dividend records, and reconciliations, with evidence showing proper declaration under Black Money Act. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310694