Tribunal allows assessee's appeals, ruling on business closure, income treatment, and PF deduction eligibility.

The Tribunal allowed all appeals of the assessee on December 23, 2011. The Tribunal held that the business was not closed but suspended due to SEBI orders, allowing the assessee to claim expenses and depreciation on the BSE card. Additionally, interest and dividend income were deemed assessable as business income. The Tribunal directed the AO to allow deduction for employer/employees' contribution to PF if paid before the due date of filing return, following a Supreme Court judgment.

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Issues involved: Discontinuance of business, allowability of depreciation on BSE card, employer/employees contribution to PF.

Discontinuance of business: The assessee, a share broker, had not undertaken share trading activities due to SEBI orders. CIT(A) disallowed expenses, stating no business existed. Assessee argued business was suspended, not closed. Tribunal held business not closed, following similar case precedent.

Interest and dividend income: Held assessable as business income due to SEBI orders suspending business.

Depreciation on BSE card: Dispute over allowability. Tribunal allowed depreciation, citing Supreme Court ruling that BSE card is an intangible asset entitled to depreciation.

Employer/employees contribution to PF: Disallowed by AO for late payment. Tribunal directed AO to allow deduction if contributions paid before due date of filing return, following Supreme Court judgment.

In conclusion, all appeals of the assessee were allowed by the Tribunal on December 23, 2011.

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