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Court Examines Taxation of Surrendered Income u/s 69-A; Discusses Loss Set-Offs u/ss 70 and 71.

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....Income surrendered during survey - whether is to be taxed u/s 69-A - whether set off losses u/s 70 and 71 is not permissible against such income? - Merely because an assessee carries on certain business, it does not necessarily follow that the amounts surrendered by him are on account of its business transactions. - HC....

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