TMI Blog2007 (4) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... e benefit of section 71 of the Act. The benefit provided under section 71 of the Act cannot be denied and the learned standing counsel appearing for the Revenue is also unable to explain or give reasons why the assessee is not entitled to the benefit of section 71 of the Act. The reasons given by the Tribunal are based on valid materials and evidence and the same is in accordance with the provisions of section 71 of the Act. We find no error or legal infirmity in the impugned order. Thus, we are of the view that no substantial question of law arises for consideration in this tax case and hence the tax case is dismissed. - P. D. Dinakaran And P. P. S. Janarthana Raja JJ. For the Appellant : J. Narayanaswamy For the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for the balance amount of Rs. 28.50 lakhs, the assessee was not able to offer any satisfactory explanation. However, the assessee had agreed to offer the sum of Rs. 28.50 lakhs as income from undisclosed source for the assessment year 2002-03. The assessee filed a return of income for the said assessment year on October 31, 2002, admitting a business loss of Rs. 11,95,384 and admitting an income of Rs. 28,50,000 under the head Income from undisclosed sources . The assessment was taken up for scrutiny and notice under section 143(2) was issued on October 31, 2002. The assessment was completed by the Assessing Officer as under : Rs. Business loss admitted by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was noticed that the assessee made certain cash payments to the bank out of which Rs. 28.50 lakhs could not be explained. The same was surrendered voluntarily for taxation. Hence, the Assessing Officer was right in denying the setting off of the loss. Later, the assessee filed a return of income declaring a business loss of Rs. 11.95 lakhs. The Assessing Officer determined the business loss at Rs. 8,20,384 and did not allow the set off of the loss against the undisclosed income of Rs. 28.50 lakhs. Hence, the order of the Assessing Officer is in conformity with law. 6. Heard counsel. The Assessing Officer has not given any reason whatsoever to deny the set off of the business loss against the income declared under the head Other sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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