https://www.taxtmi.com/caselaws?id=343801 Interest earned on fixed deposits by a co-operative bank in liquidation was examined in light of the cessation of normal banking operations. As the banking licence had been cancelled and the liquidator was only realising and deploying funds pending distribution, the Tribunal treated the activity as not amounting to active business and did not regard the interest as business income on that footing. The Tribunal also accepted the claim for set-off of brought forward business loss against the income for the year and allowed the set-off. The appeal therefore succeeded, with relief granted on the principal monetary issue. en-us Mon, 29 May 2017 00:00:00 +0530 Fri, 02 Jun 2017 06:15:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343801 Interest earned on fixed deposits by a co-operative bank in liquidation was examined in light of the cessation of normal banking operations. As the banking licence had been cancelled and the liquidator was only realising and deploying funds pending distribution, the Tribunal treated the activity as not amounting to active business and did not regard the interest as business income on that footing. The Tribunal also accepted the claim for set-off of brought forward business loss against the income for the year and allowed the set-off. The appeal therefore succeeded, with relief granted on the principal monetary issue. Case-Laws Income Tax Mon, 29 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343801