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2007 (4) TMI 204 - MADRAS HIGH COURTUndisclosed income u/s 69 - Set off of the loss u/s 71 - Business loss can be set off against the other income, even though the assessee surrendered the income at the time of survey u/s 133A ? - HELD THAT:- In this case, the Assessing Officer made addition as undisclosed income u/s 69 of the Act. Once the loss is determined, the same should be set off against the income determined under any other head of income. In the assessment, no reasons were given by the Assessing Officer to deny the benefit of section 71 of the Act. The benefit provided under section 71 of the Act cannot be denied and the learned standing counsel appearing for the Revenue is also unable to explain or give reasons why the assessee is not entitled to the benefit of section 71 of the Act. The reasons given by the Tribunal are based on valid materials and evidence and the same is in accordance with the provisions of section 71 of the Act. We find no error or legal infirmity in the impugned order. Thus, we are of the view that no substantial question of law arises for consideration in this tax case and hence the tax case is dismissed.
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