https://www.taxtmi.com/caselaws?id=424038 The appeal was partly allowed for statistical purposes. The disallowance of business loss and deduction claimed under section 57(3) was upheld due to the lack of matching income against claimed expenditure. The commencement of business activity was not proven, leading to the dismissal of related claims. Expenses related to investment were disallowed as business expenditure. Additional evidence regarding interest paid on debentures was admitted for further examination. The excessive and unreasonable addition lacked detailed arguments. The authorities considered additional evidence submitted by the appellant. The disallowance of business loss due to non-setup was upheld, as no operational business was established. en-us Wed, 06 Apr 2022 00:00:00 +0530 Tue, 21 Jun 2022 08:56:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424038 The appeal was partly allowed for statistical purposes. The disallowance of business loss and deduction claimed under section 57(3) was upheld due to the lack of matching income against claimed expenditure. The commencement of business activity was not proven, leading to the dismissal of related claims. Expenses related to investment were disallowed as business expenditure. Additional evidence regarding interest paid on debentures was admitted for further examination. The excessive and unreasonable addition lacked detailed arguments. The authorities considered additional evidence submitted by the appellant. The disallowance of business loss due to non-setup was upheld, as no operational business was established. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424038