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2016 (3) TMI 239 - AT - Income TaxSet off of business loss against interest income taxable under the head income from other sources - non existence of business activity - Held that:- As assessee has accepted that no business activity has been carried out during the year under appeal and the expenditure claimed in the profit and loss account was a write off of asset which was standing in the books of account. Such write off could have been allowed only if there had been a business activity running during the year. We, therefore, are of the view that as the assessee has not carried out any business activity during the year under appeal, then there remains no possibility of set off of business loss against interest income taxable under the head income from other sources. Therefore, we find no reason to interfere with the order of ld. CIT(A) and uphold the same. - Decided against assessee
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