https://www.taxtmi.com/caselaws?id=8468 The court ruled that the company, during its winding-up process, was not considered to be carrying on a business or vocation. As a result, the expenditure incurred during winding-up was not deductible against the interest income earned from fixed deposits. The court categorized the income from fixed deposits as income from "other sources," allowing only expenses directly related to earning that income to be deducted. Consequently, the court held that the claimed expenses were not deductible against the interest income, ruling in favor of the tax authorities and denying the company's deduction claim. en-us Wed, 22 Sep 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8468 The court ruled that the company, during its winding-up process, was not considered to be carrying on a business or vocation. As a result, the expenditure incurred during winding-up was not deductible against the interest income earned from fixed deposits. The court categorized the income from fixed deposits as income from "other sources," allowing only expenses directly related to earning that income to be deducted. Consequently, the court held that the claimed expenses were not deductible against the interest income, ruling in favor of the tax authorities and denying the company's deduction claim. Case-Laws Income Tax Wed, 22 Sep 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8468