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2013 (1) TMI 918 - AT - Income TaxAddition u/s 68 - Held that:- Since an addition under section 68 or for that purpose cannot be taken as income under any specific heads of income, it cannot also be treated as ‘business income’. In this view of the matter, we hold that the CIT(A) has erred in holding that the addition under section 68 of the Act in assessee’s case is liable to be treated as assessee’s ‘business income’. Therefore, we allow the instant appeal and restore the findings of the Assessing Officer. Revenue’s appeal stands accepted.
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