https://www.taxtmi.com/caselaws?id=211277 The High Court upheld the Commissioner of Income-tax's revision of the assessment order under section 263, allowing the set-off of business loss against income from house property. The court found the new business activities were interconnected with the old business, justifying the set-off. However, the court upheld the disallowance of interest expenditure accrued in earlier years. The decision favored the Revenue regarding the revision under section 263 but partially favored the assessee by allowing the set-off of business loss against income from house property, excluding the disallowed interest expenditure. en-us Mon, 02 Jan 2012 00:00:00 +0530 Sat, 24 Mar 2012 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211277 The High Court upheld the Commissioner of Income-tax's revision of the assessment order under section 263, allowing the set-off of business loss against income from house property. The court found the new business activities were interconnected with the old business, justifying the set-off. However, the court upheld the disallowance of interest expenditure accrued in earlier years. The decision favored the Revenue regarding the revision under section 263 but partially favored the assessee by allowing the set-off of business loss against income from house property, excluding the disallowed interest expenditure. Case-Laws Income Tax Mon, 02 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211277