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2012 (3) TMI 150 - HC - Income TaxBrought forward and Setoff of business expenditure and business loss against "Income from House Property" when business has already closed in earlier year - Section 71 - Held That:- Total amount of business loss is Rs. 17,45,392. Out of the same, Rs. 7,64,562 is disallowed against the assessee and the balance would be set off against the income from house property. - Tribunal has rightly appreciated the law and issue and has found that even though there was a temporary break, the assessee continued the business in dis- tributorship and also maintained the establishment, thereby incurred the expenditure which were wholly and exclusively for the purpose of the business. This finding of the Tribunal is in tune with the order of the Division Bench in CIT v. S. S. M. Ahmed Hussain (1986 -TMI - 26098 - MADRAS High Court) Purchase of aluminum - Delayed Payment - Assessee contended TDS deducted and amount remitted to goverment account - Interest Expenditure of Rs 7,64,562 - Disallowance made Held That:- There is also no material to show that there was any compromise between the assessee and Nalco as to the payment of interest and by virtue of the agreement, paid the interest during the accounting year. No material were brought on record. - Decided against assessee.
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