https://www.taxtmi.com/caselaws?id=120513 The Tribunal upheld the disallowance of depreciation on the factory building, interest expenses on borrowed funds, and business expenses, agreeing with the lower authorities that the expenditures were not used for business purposes. The claim for expenses related to exempt dividend income was dismissed as it was not pursued. However, the Tribunal allowed the set-off of the assessee's share of loss from an AOP against other income under Section 67A, resolving a member disagreement by concluding that the provision applies to companies, thus permitting the loss adjustment. en-us Fri, 30 May 2008 00:00:00 +0530 Thu, 07 Dec 2023 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120513 The Tribunal upheld the disallowance of depreciation on the factory building, interest expenses on borrowed funds, and business expenses, agreeing with the lower authorities that the expenditures were not used for business purposes. The claim for expenses related to exempt dividend income was dismissed as it was not pursued. However, the Tribunal allowed the set-off of the assessee's share of loss from an AOP against other income under Section 67A, resolving a member disagreement by concluding that the provision applies to companies, thus permitting the loss adjustment. Case-Laws Income Tax Fri, 30 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120513