https://www.taxtmi.com/caselaws?id=467415 Surrendered amounts recorded during survey were segregated: non-cash items shown as investments in building and machinery were accepted as arising from the assessee's regular business and therefore taxable as business income with entitlement to set-off against business loss and depreciation; excess unexplained cash discovered in survey was treated as deemed income under the chapter dealing with unexplained credits and disallowed set-off against business loss. Separately, interest claimed in respect of an advance for machinery was held allowable and the disallowance under the provision governing interest on borrowed moneys for unutilised assets was deleted. en-us Fri, 31 May 2019 00:00:00 +0530 Wed, 18 Mar 2026 10:44:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467415 Surrendered amounts recorded during survey were segregated: non-cash items shown as investments in building and machinery were accepted as arising from the assessee's regular business and therefore taxable as business income with entitlement to set-off against business loss and depreciation; excess unexplained cash discovered in survey was treated as deemed income under the chapter dealing with unexplained credits and disallowed set-off against business loss. Separately, interest claimed in respect of an advance for machinery was held allowable and the disallowance under the provision governing interest on borrowed moneys for unutilised assets was deleted. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467415