Section 68 & 115BBE of the Income-tax Act, 1961—Cash Credit— Assessee is subject to income-tax on his total income though his income under each head may be well below the taxable limit, hence the loss sustained in any year under any head of income will have to be set off against income under any other head and once the loss is determined, the same should be set off against the income determined under any other head of income but in the assessment, no reasons were given by the AO to deny the benefit of S.71 and the benefit provided under section 71 cannot be denied and the learned standing counsel appearing for the Revenue is also unable to explain or give reasons why the assessee is not entitled to the benefit of section 71 and the reasons given by the Tribunal are based on valid materials and evidence and the same are in accordance with the provisions of Section 71, thus, there is no error or legal infirmity in the impugned order. - SHREE KARTHIK PAPERS LTD. V/s DY. CIT - [2020] 273 TAXMAN 546 (MAD)