https://www.taxtmi.com/caselaws?id=370436 The Tribunal upheld the decision of the CIT(A) and dismissed the appeal, ruling that the business loss claimed by the assessee was not allowable against income from capital gains. The Tribunal found that the funds withdrawn from the partnership firm were used for personal purposes and not for business activities, lacking evidence to support the claim for business loss. Consequently, the assessee was not entitled to set off the interest against capital gains or property income, leading to the dismissal of the appeal. en-us Wed, 10 Oct 2018 00:00:00 +0530 Sat, 17 Nov 2018 08:00:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370436 The Tribunal upheld the decision of the CIT(A) and dismissed the appeal, ruling that the business loss claimed by the assessee was not allowable against income from capital gains. The Tribunal found that the funds withdrawn from the partnership firm were used for personal purposes and not for business activities, lacking evidence to support the claim for business loss. Consequently, the assessee was not entitled to set off the interest against capital gains or property income, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 10 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370436