https://www.taxtmi.com/caselaws?id=203657 The ITAT partly allowed the appeal in a case involving the classification of income and assessment of a loan. The 'conduction royalty amount' and other income were classified as 'income from other sources' instead of 'profits and gains from business' due to the extended agreements indicating no intention to revive the business. However, the loan was not treated as deemed dividend, following precedents, leading to the deletion of the addition. The decision upheld the CIT(A)'s classification of income but reversed the assessment of the loan. en-us Mon, 31 May 2010 00:00:00 +0530 Fri, 10 Jun 2011 23:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203657 The ITAT partly allowed the appeal in a case involving the classification of income and assessment of a loan. The 'conduction royalty amount' and other income were classified as 'income from other sources' instead of 'profits and gains from business' due to the extended agreements indicating no intention to revive the business. However, the loan was not treated as deemed dividend, following precedents, leading to the deletion of the addition. The decision upheld the CIT(A)'s classification of income but reversed the assessment of the loan. Case-Laws Income Tax Mon, 31 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203657