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2015 (8) TMI 73 - ITAT HYDERABADExpenditure debited without earning any business income - assessee had earned interest income which was assessable under the head "Income from other sources" - Held that:- The Assessing Officer has erred in rejecting the business loss of the assessee admitted in the return of income. The Assessing Officer should have appreciated that there was business activity, though there was no revenue during the previous year under consideration. Hence, in our opinion the expenditure is relatable to the business activity and the same is allowable as a deduction. See CIT (Asst.) v. Lafarge India Holding P. Ltd. [2007 (8) TMI 485 - ITAT MUMBAI] - Decided in favour of assessee.
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