https://www.taxtmi.com/caselaws?id=334952 The Court upheld the decision of the CIT(A) and ITAT, deeming interest income as business income, allowing set-off under Section 71 of the Income Tax Act. It determined business commencement post-incorporation for claiming set-off, permitting business expenditure based on this date. The eligibility of revised returns for claiming losses was affirmed, dismissing the appeal as the revised return was filed within the prescribed time. The judgment provided a detailed analysis of income classification, business setup, expenditure allowance, and revised return eligibility under the Income Tax Act, 1961. en-us Tue, 08 Nov 2016 00:00:00 +0530 Wed, 23 Nov 2016 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334952 The Court upheld the decision of the CIT(A) and ITAT, deeming interest income as business income, allowing set-off under Section 71 of the Income Tax Act. It determined business commencement post-incorporation for claiming set-off, permitting business expenditure based on this date. The eligibility of revised returns for claiming losses was affirmed, dismissing the appeal as the revised return was filed within the prescribed time. The judgment provided a detailed analysis of income classification, business setup, expenditure allowance, and revised return eligibility under the Income Tax Act, 1961. Case-Laws Income Tax Tue, 08 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334952