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2018 (6) TMI 1118 - AT - Income TaxDisallowance u/s 37(1) - the assessee had not carried out any business operation during year under consideration and the siness of the assessee was closed? - taxing receipt / discount on loan restructuring under the head 'Income from Other Sources' - Held that:- The reason for taxing this receipt / discount on loan restructuring under the head 'Income from Other Sources' is that there is no business activity. However, as held in the immediately preceding para that while there was no business activity during the relevant AY, yet the business was not discontinued. There is no evidence of such even in the impugned order. Accordingly, the addition made in the impugned order on this point is deleted - Decided in favour of assessee
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