https://www.taxtmi.com/caselaws?id=68097 The Tribunal determined that balances written back of Rs.34,01,644/- should be assessed as business income under section 41(1) of the Income-tax Act. However, since the assessee did not conduct any business during the relevant year, expenses claimed were disallowed. The set-off of brought forward loss and depreciation against the assessed income was also disallowed due to the absence of business activity. The appeal was partly allowed for the assessee, and the department's appeal was allowed. The Assessing Officer was directed to adjust allowable expenditure against interest income and rework the calculations. en-us Fri, 06 Feb 2009 00:00:00 +0530 Sat, 01 Oct 2016 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68097 The Tribunal determined that balances written back of Rs.34,01,644/- should be assessed as business income under section 41(1) of the Income-tax Act. However, since the assessee did not conduct any business during the relevant year, expenses claimed were disallowed. The set-off of brought forward loss and depreciation against the assessed income was also disallowed due to the absence of business activity. The appeal was partly allowed for the assessee, and the department's appeal was allowed. The Assessing Officer was directed to adjust allowable expenditure against interest income and rework the calculations. Case-Laws Income Tax Fri, 06 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68097