https://www.taxtmi.com/caselaws?id=325055 The Tribunal upheld the decision of the CIT(A) assessing the appellant's income at Rs. 4,77,610 instead of NIL income for the assessment year 2008-09. The disallowance of set off of custom duty expenses and writing off of advance licenses against interest income was upheld due to the cessation of business activities. The Tribunal emphasized that since no business activity occurred during the relevant year, the set off of business loss against interest income was not permissible. The appellant's appeal was dismissed, affirming the orders of the lower authorities. en-us Wed, 27 Jan 2016 00:00:00 +0530 Wed, 09 Mar 2016 11:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325055 The Tribunal upheld the decision of the CIT(A) assessing the appellant's income at Rs. 4,77,610 instead of NIL income for the assessment year 2008-09. The disallowance of set off of custom duty expenses and writing off of advance licenses against interest income was upheld due to the cessation of business activities. The Tribunal emphasized that since no business activity occurred during the relevant year, the set off of business loss against interest income was not permissible. The appellant's appeal was dismissed, affirming the orders of the lower authorities. Case-Laws Income Tax Wed, 27 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325055