https://www.taxtmi.com/caselaws?id=55149 The Tribunal concluded that the assessee's income should be classified as "income from other sources" rather than "business income." It found that the assessee did not engage in substantial business activities in financing, trading in chemicals, or acting as an agent. The Tribunal deemed the special resolution authorizing business activities invalid due to being dated before the company's incorporation. The AO was directed to reassess the allowability of expenses claimed by the assessee. The appeal was partly allowed for statistical purposes. en-us Mon, 10 Dec 2001 00:00:00 +0530 Tue, 23 Nov 2010 18:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55149 The Tribunal concluded that the assessee's income should be classified as "income from other sources" rather than "business income." It found that the assessee did not engage in substantial business activities in financing, trading in chemicals, or acting as an agent. The Tribunal deemed the special resolution authorizing business activities invalid due to being dated before the company's incorporation. The AO was directed to reassess the allowability of expenses claimed by the assessee. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Mon, 10 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55149