https://www.taxtmi.com/caselaws?id=244052 The appellate tribunal upheld the lower authorities' decision, dismissing the appeal. It found that the assessee had not conducted genuine business activities, with expenses seemingly aimed at tax avoidance. Therefore, interest income on bonds and job work charges were to be taxed as "Income from Other Sources," and set-off of prior business losses/depreciation was denied. The tribunal noted differences from prior years, making previous favorable orders inapplicable. en-us Fri, 07 Feb 2014 00:00:00 +0530 Mon, 17 Feb 2014 19:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244052 The appellate tribunal upheld the lower authorities' decision, dismissing the appeal. It found that the assessee had not conducted genuine business activities, with expenses seemingly aimed at tax avoidance. Therefore, interest income on bonds and job work charges were to be taxed as "Income from Other Sources," and set-off of prior business losses/depreciation was denied. The tribunal noted differences from prior years, making previous favorable orders inapplicable. Case-Laws Income Tax Fri, 07 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244052