Loss set off U/s. 70 & 71 not permissible against income disclosed during survey

PrintPDF

IN THE ITAT CHANDIGARH BENCH ‘A’

Liberty Plywood (P.) Ltd.

v.

Assistant Commissioner of Income-tax

IT APPEAL NO. 727 (CHD.) OF 2012

[ASSESSMENT YEAR 2005-06]

DECEMBER 17, 2012

 

Hon’ble Punjab & Haryana High Court in case of Kim Pharma (P.) Ltd. (supra) held that surrendered income during the survey has to be assessed separately as deemed income and set off of losses u/s 70 & 71 was not possible against such income.