https://www.taxtmi.com/caselaws?id=389730 Unrealised rent could not be taxed by treating a security deposit as adjustable income where the deposit was not contractually linked to unpaid rent, the tenants had stopped paying, the dispute was under litigation, and the amount was offered to tax only in the later year when the matter was resolved. Depreciation on a car and interest on the car loan were also not disallowable merely because business operations were temporarily inactive, since prior use of the asset was shown, there was no evidence of permanent closure, and business activity continued through investment activity. The additions and disallowances were deleted. en-us Wed, 04 Dec 2019 00:00:00 +0530 Sun, 15 Dec 2019 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389730 Unrealised rent could not be taxed by treating a security deposit as adjustable income where the deposit was not contractually linked to unpaid rent, the tenants had stopped paying, the dispute was under litigation, and the amount was offered to tax only in the later year when the matter was resolved. Depreciation on a car and interest on the car loan were also not disallowable merely because business operations were temporarily inactive, since prior use of the asset was shown, there was no evidence of permanent closure, and business activity continued through investment activity. The additions and disallowances were deleted. Case-Laws Income Tax Wed, 04 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389730