Held that the assessee did not have any other source of income. The assessee was entitled to set off of losses of earlier years, which had been allowed to the assessee. Income declared in the survey fell under one of the heads of income and the current year’s losses could be set off against such undisclosed income. (AY.2014-15)
ITO v. Vesta Exim P. Ltd. (2021) 92 ITR 15 (SN) (Surat)(Trib.)
S. 133A : Power of survey-Undisclosed income-Real Estate business-Income declared in the course of survey-Earlier losses and current year loss can be set off against income disclosed in the course of survey. [S. 28(i), 72]