Sec 69 & set off against business losses

Save Share

This query is : Resolved

Ravindra (Querist)

25 August 2011 Please let me know about the following:

If any income is added under Sec 69 for any financial year then whether it could be set off against the business losses of the same financial year?

Please give some expert advice...
Awaiting for some replies.....

.....Thanks in advance

Regards,
Ravindra

CA. Anoop Gadia

CA. Anoop Gadia (Expert)

25 August 2011 if any income added to income than the amount can be set off against the business loss.

CA. Anoop Gadia

CA. Anoop Gadia (Expert)

25 August 2011 Section 69- UNEXPLAINED INVESTMENTS.

Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year.

Message likes : 1 times

Ravindra

Ravindra (Querist)

26 August 2011 Thank u CA. Anoop Gadia for replying...

If something is added under sec 69, then it is considered as income from other sources.
Is it correct?

& If such income is added to the income of the assessee in any financial year then whether the business loss of that F.Y. could be set off against the added income from other sources which is due to Sec 69.

Also please let me know some case laws, if any.

Thanks & Regards,
Ravindra