https://www.taxtmi.com/caselaws?id=755279 The ITAT Bangalore ruled against the assessee regarding business loss deduction for discontinued housekeeping business. Despite the assessee's argument that expenditure was incurred for litigation and maintaining staff, the tribunal held that no deduction is allowable when business is completely closed with no likelihood of revival. The expenditure was not incurred to keep existing business operational. However, the tribunal allowed the assessee's appeal on interest income taxation, ruling that as a New Zealand resident, the assessee was entitled to beneficial 10% tax rate under Article 11 of India-New Zealand DTAA, despite temporary exemption in New Zealand. en-us Tue, 25 Jun 2024 00:00:00 +0530 Tue, 09 Jul 2024 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755279 The ITAT Bangalore ruled against the assessee regarding business loss deduction for discontinued housekeeping business. Despite the assessee's argument that expenditure was incurred for litigation and maintaining staff, the tribunal held that no deduction is allowable when business is completely closed with no likelihood of revival. The expenditure was not incurred to keep existing business operational. However, the tribunal allowed the assessee's appeal on interest income taxation, ruling that as a New Zealand resident, the assessee was entitled to beneficial 10% tax rate under Article 11 of India-New Zealand DTAA, despite temporary exemption in New Zealand. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755279