https://www.taxtmi.com/caselaws?id=266784 The court classified interest income from a money lending business as business income rather than income from other sources. It allowed the set off of brought forward losses against the income, affirming that once income is classified under 'Income from business or profession,' the assessee can set off carry forward losses. The court upheld the decisions of the CIT(A) and the Tribunal, dismissing the revenue's appeal and ruling in favor of the assessee on both issues. en-us Wed, 12 Aug 2015 00:00:00 +0530 Fri, 23 Oct 2015 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266784 The court classified interest income from a money lending business as business income rather than income from other sources. It allowed the set off of brought forward losses against the income, affirming that once income is classified under 'Income from business or profession,' the assessee can set off carry forward losses. The court upheld the decisions of the CIT(A) and the Tribunal, dismissing the revenue's appeal and ruling in favor of the assessee on both issues. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266784