https://www.taxtmi.com/caselaws?id=208234 The tribunal ruled in favor of the assessee, allowing the appeal and dismissing that of the revenue. The key factors considered were the commencement of business activities, categorization of income, and eligibility for loss carry forward. The assessee's business of real estate development was deemed to have been set up during the relevant period, justifying the classification as "profit and gains of business or profession" and permitting the carry forward of net business loss. The tribunal also allowed the set-off of interest income and expenses under the head "income from other sources." en-us Wed, 30 Nov 2011 00:00:00 +0530 Mon, 09 Jan 2012 09:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208234 The tribunal ruled in favor of the assessee, allowing the appeal and dismissing that of the revenue. The key factors considered were the commencement of business activities, categorization of income, and eligibility for loss carry forward. The assessee's business of real estate development was deemed to have been set up during the relevant period, justifying the classification as "profit and gains of business or profession" and permitting the carry forward of net business loss. The tribunal also allowed the set-off of interest income and expenses under the head "income from other sources." Case-Laws Income Tax Wed, 30 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208234