Hi,
I wanted to ask a query regarding unexplained investment u/s 69. For eg- If a person has loss of Rs. 100, but after review by ITO, he finds an unexplained investment of Rs. 80. Can the assessee set off such deemed income against the loss of the assessee?
The Section 69 of I.Tax Act, only requires the unexplained investment be added to the total income of the Assessee, other income or loss being not affected. so in present case, unexplained investement of Rs. 80 would be added back and as a result the loss would get reduced.
AJAY SINGH AND CO LLP
Thane
CA Final
View Details
RMA And Associates LLP
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
