https://www.taxtmi.com/caselaws?id=55501 The Tribunal held that the assessee was not entitled to set off the carried forward loss from the assessment year 1983-84 against the income of subsequent years, as the business activities related to the loss had been discontinued. The Tribunal emphasized that interest income from Fixed Deposits, classified as business assets, could not automatically be considered as business income. The Tribunal reinstated the Income Tax Officer's decision, highlighting the importance of maintaining business continuity for claiming set off of carried forward losses under Section 72(1)(i) of the Income Tax Act. en-us Thu, 20 Jul 1989 00:00:00 +0530 Sat, 27 Nov 2010 13:27:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55501 The Tribunal held that the assessee was not entitled to set off the carried forward loss from the assessment year 1983-84 against the income of subsequent years, as the business activities related to the loss had been discontinued. The Tribunal emphasized that interest income from Fixed Deposits, classified as business assets, could not automatically be considered as business income. The Tribunal reinstated the Income Tax Officer's decision, highlighting the importance of maintaining business continuity for claiming set off of carried forward losses under Section 72(1)(i) of the Income Tax Act. Case-Laws Income Tax Thu, 20 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55501