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2016 (7) TMI 1100 - HC - Income TaxIncome surrendered during survey - whether is to be taxed u/s 69-A - whether set off losses u/s 70 and 71 is not permissible against such income? - Held that:- This is not an admission on the appellant’s part that the surrendered amount is from the assessees business income. This observation is in respect of the GP rate of 10.85%. The appellant by this observation accepted that the surrendered amount is from business income. The observation only proceeds on the basis of the assessee’s assertion of the G.P. rate of 10.85% after including the surrendered amount. It is not necessary that the surrendered amount is from business income. It could be on account of any other transaction legal or otherwise. Merely because an assessee carries on certain business, it does not necessarily follow that the amounts surrendered by him are on account of its business transactions. There is no presumption that absent anything else an amount surrendered by an assessee is his business income. It is for the assessee to establish the source of such surrendered amount.
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