1971 (10) TMI 21 - HC - Income Tax

Whether mere realisation of interest on outstandings and sale of spares and stores during the accounting period amounts to carrying on the business and whether set off of carried forward loss of earlier years would be available - Tribunal has found that the business of the assessee in steel castings and steel forgings had been brought to a close and the Tribunal further held that the assessee-company did not carry on business of castings and forgings in the year of account and there was also no evidence to show that the company carried on any other business. That being so, the company was not entitled to deduction of any expenditure other than that allowed by the Tribunal. The assessee was also not entitled to set off of business loss of earlier years against the current income since the assessee did not carry on any business in that year