https://www.taxtmi.com/caselaws?id=117986 The Tribunal overturned the CIT(A)'s decision and classified the income as "business income" instead of "income from house property," allowing the assessee to set off against carried forward losses. The Tribunal emphasized that the intention to continue business operations should be inferred from conduct, and disposing of assets due to market conditions did not indicate a permanent cessation of business. The order directed the Assessing Officer to tax the income under the "business income" category, ruling in favor of the assessee, a Private Limited Company. en-us Mon, 23 Aug 2004 00:00:00 +0530 Wed, 27 Jun 2012 16:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117986 The Tribunal overturned the CIT(A)'s decision and classified the income as "business income" instead of "income from house property," allowing the assessee to set off against carried forward losses. The Tribunal emphasized that the intention to continue business operations should be inferred from conduct, and disposing of assets due to market conditions did not indicate a permanent cessation of business. The order directed the Assessing Officer to tax the income under the "business income" category, ruling in favor of the assessee, a Private Limited Company. Case-Laws Income Tax Mon, 23 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117986