https://www.taxtmi.com/caselaws?id=283418 The tribunal upheld the classification of lease rent and interest income as "income from other sources" instead of "income from business," rejecting the appellant's argument based on the principle of consistency. The tribunal allowed deductions for expenses even in the absence of business activity, remanding the matter to determine the extent of expenses incurred. However, the set off of accumulated unabsorbed business losses was disallowed as there was no business income in the current year. The appeal was partly allowed for statistical purposes, with the issue of expense deductions remanded back to the A.O. for reconsideration. en-us Fri, 10 Sep 2010 00:00:00 +0530 Sat, 21 Sep 2019 17:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283418 The tribunal upheld the classification of lease rent and interest income as "income from other sources" instead of "income from business," rejecting the appellant's argument based on the principle of consistency. The tribunal allowed deductions for expenses even in the absence of business activity, remanding the matter to determine the extent of expenses incurred. However, the set off of accumulated unabsorbed business losses was disallowed as there was no business income in the current year. The appeal was partly allowed for statistical purposes, with the issue of expense deductions remanded back to the A.O. for reconsideration. Case-Laws Income Tax Fri, 10 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283418