https://www.taxtmi.com/caselaws?id=63425 The Tribunal partially allowed the appeal, permitting deductions for essential expenses but denying the carry forward of losses due to the discontinuation of business activities. The Tribunal emphasized the need for evidence of business continuation and deemed the lack of substantial proof as indicative of the cessation of business operations, leading to the rejection of loss carry forwards. However, necessary expenses related to maintaining the corporate entity were allowed as deductions. en-us Thu, 18 Oct 1990 00:00:00 +0530 Sat, 29 Jan 2011 18:39:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63425 The Tribunal partially allowed the appeal, permitting deductions for essential expenses but denying the carry forward of losses due to the discontinuation of business activities. The Tribunal emphasized the need for evidence of business continuation and deemed the lack of substantial proof as indicative of the cessation of business operations, leading to the rejection of loss carry forwards. However, necessary expenses related to maintaining the corporate entity were allowed as deductions. Case-Laws Income Tax Thu, 18 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63425