https://www.taxtmi.com/caselaws?id=179578 The tribunal upheld the classification of interest and lease rent as "income from other sources" instead of "income from business," citing lack of legal tenability for the appellant's consistency argument. Expenses were remanded for further examination to determine their nature and purpose, following a precedent allowing deductions for maintaining establishments. Set off of unabsorbed business losses was disallowed due to the absence of current year business income. The appeal was partly allowed for statistical purposes, with directions for the assessing officer to reevaluate certain expenses. en-us Mon, 30 Aug 2010 00:00:00 +0530 Fri, 04 Mar 2016 15:26:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179578 The tribunal upheld the classification of interest and lease rent as "income from other sources" instead of "income from business," citing lack of legal tenability for the appellant's consistency argument. Expenses were remanded for further examination to determine their nature and purpose, following a precedent allowing deductions for maintaining establishments. Set off of unabsorbed business losses was disallowed due to the absence of current year business income. The appeal was partly allowed for statistical purposes, with directions for the assessing officer to reevaluate certain expenses. Case-Laws Income Tax Mon, 30 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179578