ITAT justified in not allowing set-off of share trading business loss against cash credit addition

Truptiben Bakulbhai Pate Vs ITO (Gujarat High Court) As assessee had neither filed her return of income declaring loss nor had shown such loss in her books of account, this clearly indicated that assessee deliberately withhold the bank account and transactions recorded therein. Further, as she had not furnished any explanation about non-disclosure of bank account in the return filed for current year and in earlier years, Tribunal was justified in not allowing set-off of share trading business loss against cash credit addition made by AO. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT 1. Assessee...