https://www.taxtmi.com/caselaws?id=17409 The court ruled in favor of the Revenue on Questions 1 and 2, denying the assessee the set-off of carried forward losses and unabsorbed depreciation due to the absence of business activities. Question 3, regarding the addition to income from borrowed debts, was also decided against the assessee as the genuineness of the debts was not proven. The judgment highlighted the significance of statutory provisions and the factual circumstances of the assessment year. en-us Mon, 09 Sep 1996 00:00:00 +0530 Tue, 22 Sep 2009 12:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17409 The court ruled in favor of the Revenue on Questions 1 and 2, denying the assessee the set-off of carried forward losses and unabsorbed depreciation due to the absence of business activities. Question 3, regarding the addition to income from borrowed debts, was also decided against the assessee as the genuineness of the debts was not proven. The judgment highlighted the significance of statutory provisions and the factual circumstances of the assessment year. Case-Laws Income Tax Mon, 09 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17409