Loss set off U/s. 70 & 71 not permissible against income disclosed during survey

IN THE ITAT CHANDIGARH BENCH ‘A’ Liberty Plywood (P.) Ltd. Versus Assistant Commissioner of Income-tax IT APPEAL NO. 727 (CHD.) OF 2012 [ASSESSMENT YEAR 2005-06] DECEMBER 17, 2012 ORDER T.R. Sood, Accountant Member This appeal is directed against the order passed by the ld. CIT(A), Panchkula dated 1.5.2012. 2. In this appeal the assessee has raised the following grounds: “1 That the ld. CIT(A) has erred in law and facts in confirming the tax ability of income surrendered during survey u/s 133A of Income-tax Act, 1961 as deemed income as per the following deta...