Tribunal held that the surrender had been made on account of undisclosed debtors. The CIT(A) had rightly treated the surrendered income as in the nature of business income of the assessee and accordingly, allowed the benefit of set off of losses against it. (A.Y. 2012-13)
Dy.CIT v. Khurana Rolling Mills P. Ltd. (2019) 73 ITR 613 (Chd.)(Trib.) Dy.CIT v. Khurana Steels Ltd. (2019)73 ITR 613 (Chd.)(Trib.)
S. 69 : Unexplained investments-Income Surrendered during survey proceedings on account of undisclosed debtors is business income and not deemed income-assessee entitled to set off of business loss against such surrendered income. [S. 28(i), 69B, 133A]