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2012 (12) TMI 369 - AT - Income TaxSet off of loss u/s 71 - Whether loss under head PGBP can be set off against income held as unexplained investment u/s 69 - Held that:- Following the decision in case of D. P. Sandu Bros. Chembur P. Ltd. (2005 (1) TMI 13 - SUPREME COURT) that since the assessee has not given any explanation about the source of cash deposits made into his saving bank account, it is not proved that this income is generated from out of his business of trading in shares. Since the assessee did not prove that the deemed income is liable to be taxed under any particular head, such deemed income shall fall under the head ‘income from other sources’. Therefore, the AO is directed to allow set off of business loss against income from other sources in accordance with the provisions of Sec 71. Issue decides in favour of assessee
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