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2016 (6) TMI 1006 - AT - Income TaxInclusion of income under the deeming provisions of section 68 under the head “income from other sources” - Set off of business loss against the income under the head “income from other sources” - Held that:- Respectfully following the judgment of Fakir Mohammed Haji Hassan (2000 (8) TMI 44 - GUJARAT High Court ), Kim Pharma Private Limited Vs. CIT (2013 (1) TMI 495 - PUNJAB AND HARYANA HIGH COURT) and Gujarat Infra Pipes Private Limited (2009 (12) TMI 976 - ITAT AHMEDABAD) held that deemed income under 69, 69A, 69B, & 69C of the Act are not assessable under the head income from other sources we hold that business loss in the case of assessee cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income Addition to income - amount added by the assessee himself in his computation of income - Held that:- Commissioner of Income Tax(Appeals) has deleted these two additions on the ground that same were not discussed in the body of the assessment order. We find that whether those two additions are made by the assessee itself in the computation of income, is a matter of verification and, therefore, in the interest of justice, we restore the matter to the file of the Assessing Officer with the direction to verify whether the same was already added by the assessee in the computation of income, and if so, then the additions made by the AO are justified.
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