1984 (7) TMI 208 - AT - Income Tax

Summary

The appeal was against the order of the AAC setting off income added under section 64 of the Income-tax Act against the loss incurred by the assessee. The Tribunal confirmed the AAC's decision, stating that the income added under section 64 must be set off against the assessee's loss as per the provisions of the Income-tax Act, 1961. The appeal was dismissed.