https://www.taxtmi.com/caselaws?id=19503 The court ruled against the assessee and in favor of the Revenue regarding the allowance of expenditure for the assessment years 1974-75 and 1975-76, stating that the disallowed items were not incurred solely for earning interest income. However, the court ruled in favor of the assessee regarding the set off of unabsorbed depreciation against interest income, allowing it to be carried forward and set off against assessable income of a subsequent year despite the cessation of the business in which it arose. en-us Fri, 04 Mar 1994 00:00:00 +0530 Fri, 06 Nov 2009 16:15:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19503 The court ruled against the assessee and in favor of the Revenue regarding the allowance of expenditure for the assessment years 1974-75 and 1975-76, stating that the disallowed items were not incurred solely for earning interest income. However, the court ruled in favor of the assessee regarding the set off of unabsorbed depreciation against interest income, allowing it to be carried forward and set off against assessable income of a subsequent year despite the cessation of the business in which it arose. Case-Laws Income Tax Fri, 04 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19503