https://www.taxtmi.com/caselaws?id=118182 The Tribunal upheld the CIT(A)'s decision, confirming that the assessee filed the return within the extended deadline and was engaged in business activities during the relevant year. The Tribunal dismissed the Revenue's appeal, allowing the assessee to carry forward the loss of Rs. 25,83,603 as determined by the AO. It emphasized that inactivity due to market conditions does not imply business cessation, and related expenses should be considered business expenditures. The Tribunal also found no evidence supporting the Revenue's claim that the transactions were a tax evasion scheme. en-us Sat, 09 Jun 2007 00:00:00 +0530 Fri, 09 Feb 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118182 The Tribunal upheld the CIT(A)'s decision, confirming that the assessee filed the return within the extended deadline and was engaged in business activities during the relevant year. The Tribunal dismissed the Revenue's appeal, allowing the assessee to carry forward the loss of Rs. 25,83,603 as determined by the AO. It emphasized that inactivity due to market conditions does not imply business cessation, and related expenses should be considered business expenditures. The Tribunal also found no evidence supporting the Revenue's claim that the transactions were a tax evasion scheme. Case-Laws Income Tax Sat, 09 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118182