[aaykarbhavan] Claim of set off against the surrendered income: RAJASTHAN HIGH COURT

Hon'ble Rajasthan high court in

 Commissioner of Income Tax, Bikaner Versus Shri Ram Gopal Manda

Claim of set off against the surrendered income - nature of surrendered income - whether the surrendered amount of Rs. 1,75,00,000/- should be treated as income of Assessee from business or from other sources. - held that:- CIT(A) and ITAT both have recorded a concurrent finding of fact based on cogent material available before them, that surrendered amount was an income of the assessee from business and not from other sources. - Revenue is unable to point out any perversity in the said finding recorded by Appellate Authority as well as Appellate Tribunal. 

There is no dispute between the parties on the issue that in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off of the amount of Rs. 54,10,054/- . - Decided in favor of assessee.

Regards

Prarthana Jalan

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