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Court Clarifies Section 68: Unexplained Income Can't Be Classified as Business Income for Set-Off Purposes.

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Full Text of the Document

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....Nature of addition made u/s 68 - cash credit - Once it is so done for the purpose of set off or any other purpose, the said unexplained income cannot be treated as business income under any one of the head provided under Section 14 in which case the question of set off does not arise. - HC....

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