Held that the Assessing Officer was to exclude the proportionate expenses from the undisclosed income and allow the assessee the benefit of set off of business loss/depreciation in accordance with law. Matter remanded. (AY. 2010-11)
Shanti Enterprises v. Dy. CIT (2021) 88 ITR 31 (SN) (Surat)(Trib.)
S. 69A : Unexplained money-Survey-Undisclosed income was offered net of expenses excluding expenses claimed in profit and loss account-Set off of business loss and depreciation is to be allowed-Matter remanded. [S. 32, 72, 133A]