Business Income declared during Survey can be set-off against Business Losses

Hussain Mohideen Ibrahim Sha Vs ACIT (ITAT Chennai) Income declared in survey is to be taxed and it has to fall under one of the head of income i.e., business income and therefore, is available for set-off against the business income. Since in the present case, during survey an income of Rs.75,00,000/- was surrendered and added in the income of the assessee and consequent business loss was claimed, the same is available for set-off against business loss. FULL TEXT OF THE ORDER OF ITAT CHENNAI This appeal by the assessee is arising out of the order of the Commissioner of Income Tax (Appeals)-2...