https://www.taxtmi.com/caselaws?id=24074 The court determined that income from short-term loans should be characterized as interest and taxed as income from "other sources." It allowed for the deduction of business expenditure against the interest income under sections 71 and 72 of the Income-tax Act, 1961. Despite the company not fully engaging in its main business object, it was still entitled to claim business expenses and carry forward losses. The court directed the Tribunal to assess the admissibility of business expenditure, ultimately dismissing the case and leaving parties to bear their own costs. en-us Mon, 19 Dec 1988 00:00:00 +0530 Sat, 16 Jan 2010 15:07:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24074 The court determined that income from short-term loans should be characterized as interest and taxed as income from "other sources." It allowed for the deduction of business expenditure against the interest income under sections 71 and 72 of the Income-tax Act, 1961. Despite the company not fully engaging in its main business object, it was still entitled to claim business expenses and carry forward losses. The court directed the Tribunal to assess the admissibility of business expenditure, ultimately dismissing the case and leaving parties to bear their own costs. Case-Laws Income Tax Mon, 19 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24074