ITAT Delhi allows Business Loss Set-Off Against Surrendered Income

Oberoi Motors Vs ACIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT), Delhi Bench, has delivered a partial victory to Oberoi Motors in its appeal against an order from the Commissioner of Income Tax (Appeals)-2, Gurgaon, concerning the assessment year 2012-13. The case revolved around the contentious issue of whether business losses could be set off against income voluntarily disclosed during a tax survey operation. The genesis of the dispute dates back to September 2012, when survey operations under Section 133A of the Income Tax Act, 1961, were conducted at the premises of M/s Shaktiman/K...