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2012 (7) TMI 433 - AT - Income TaxAddition on account of surrender of income - set off the surrendered income against business losses – Held that:- Offer of surrender cannot effect the profit or loss declared by the assessee for that year. It will be added if there is profit and it will be reduced if there is a loss - books of accounts were produced before Ld Assessing Officer during the course of assessment proceedings and the Ld Assessing Officer has not pointed out any difference/discrepancy in the audited accounts - Provisions of section 71(1) clearly allows the set off of loss from one head against income from another head - computation of total income of an assessee as per provisions of section 71 & 72 of the Income Tax Act, 1961 and the assessee has computed its total income keeping in view these provisions, therefore, we do not see any reason to interfere in the order of Ld CIT(A) – In favor of assessee
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