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2021 (2) TMI 603 - AT - Income TaxDisallowance of business loss - necessary expenditure to be incurred by the assessee for closed business - HELD THAT:- The assessee is unable to substantiate the expenditure thus claimed in Profit & Loss Account with documentary evidences. No new material has been placed before us which would warrant us to deviate from the stand of Ld. CIT(A). The complete onus to substantiate the business expenditure was on assessee and despite being provided with ample opportunities to do the same, the assessee is unable to file the requisite details and documentary evidences. Accordingly, we see no reason to interfere with the impugned order. Ground No.1 stand dismissed. Adding same income twice - interest income - treating business loss as nil (wherein interest income is reflected) and then by considering under the head income from other sources - HELD THAT:- Interest income has been added twice since the interest income was credited to Profit & Loss Account while the same has separately been treated as Income from Other Sources. We are of the considered opinion that if interest income is excluded from profit & loss account, the business loss would increase further. However, the same would still be not be allowable since the assessee has not substantiated any expenditure. The interest income has rightly been assessed under the head Income from other sources keeping in view the assessee’s nature of business. Carry forward of business losses - This ground become infructuous in view of the fact that business losses as computed by the assessee have been held to be not allowable.
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