https://www.taxtmi.com/caselaws?id=20480 HC held that the assessee-company had not carried on any business during the relevant previous year; consequently, dividend and interest income was assessable under the head "income from other sources" and not as "profits and gains of business or profession." Expenditure incurred in a "proxy war" was not deductible as business expenditure under s.37, as no business activity existed in the year of account. However, following s.57(iii), the assessee was held entitled to deduction of reasonable establishment expenses (including salary and other overheads) incurred wholly and exclusively to maintain its corporate status and to earn income from investments, at the rate allowed by the appellate authorities. en-us Mon, 06 Aug 1990 00:00:00 +0530 Thu, 04 Dec 2025 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20480 HC held that the assessee-company had not carried on any business during the relevant previous year; consequently, dividend and interest income was assessable under the head "income from other sources" and not as "profits and gains of business or profession." Expenditure incurred in a "proxy war" was not deductible as business expenditure under s.37, as no business activity existed in the year of account. However, following s.57(iii), the assessee was held entitled to deduction of reasonable establishment expenses (including salary and other overheads) incurred wholly and exclusively to maintain its corporate status and to earn income from investments, at the rate allowed by the appellate authorities. Case-Laws Income Tax Mon, 06 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20480