https://www.taxtmi.com/caselaws?id=287796 The High Court held that the business expenditure claimed under Sections 30 to 37 of the Income Tax Act was not admissible as the business was closed, and income from interest was taxable under a different section. Regarding the deduction of expenses under Section 57(iii) of the Act, the Court ruled that there must be a direct connection between the expenditure and the income earned, which was lacking in this case. Therefore, the Tribunal's decision in favor of the revenue was upheld, and the appeals were dismissed. en-us Wed, 01 Aug 2012 00:00:00 +0530 Mon, 04 May 2020 10:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287796 The High Court held that the business expenditure claimed under Sections 30 to 37 of the Income Tax Act was not admissible as the business was closed, and income from interest was taxable under a different section. Regarding the deduction of expenses under Section 57(iii) of the Act, the Court ruled that there must be a direct connection between the expenditure and the income earned, which was lacking in this case. Therefore, the Tribunal's decision in favor of the revenue was upheld, and the appeals were dismissed. Case-Laws Income Tax Wed, 01 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287796