https://www.taxtmi.com/caselaws?id=340743 Money-lending or similar financing activity carried on as an organised business retains the character of business activity, so receipts from interest and recoveries are assessable as business income rather than income from other sources. Where the establishment is maintained for that business and its recovery efforts, a flat ad hoc disallowance of related expenses is not justified. Earlier years' losses of the same business remain available for set-off. Interest on a loan that has ceased to yield real recovery and is ultimately written off cannot be taxed on accrual basis on a real income approach. en-us Wed, 08 Mar 2017 00:00:00 +0530 Fri, 24 Mar 2017 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340743 Money-lending or similar financing activity carried on as an organised business retains the character of business activity, so receipts from interest and recoveries are assessable as business income rather than income from other sources. Where the establishment is maintained for that business and its recovery efforts, a flat ad hoc disallowance of related expenses is not justified. Earlier years' losses of the same business remain available for set-off. Interest on a loan that has ceased to yield real recovery and is ultimately written off cannot be taxed on accrual basis on a real income approach. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340743