https://www.taxtmi.com/caselaws?id=55724 Where a business continued in substance after sale of the manufacturing unit, exploitation of the trade mark, interest on deferred sale consideration, and small-scale cloth trading were treated as business income, and past unabsorbed depreciation and business losses were allowed to be set off on the same facts. Notional royalty for the post-expiry period of the trade mark licence was rejected because no contractual accrual could be presumed after the licence lapsed. Interest on unpaid sale consideration was held taxable on accrual, while the related interest payable by the assessee required fresh examination of the contractual liability and civil dispute. Normal business expenditure remained allowable, subject to the guest house disallowance. en-us Tue, 09 Nov 1993 00:00:00 +0530 Mon, 29 Nov 2010 16:38:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55724 Where a business continued in substance after sale of the manufacturing unit, exploitation of the trade mark, interest on deferred sale consideration, and small-scale cloth trading were treated as business income, and past unabsorbed depreciation and business losses were allowed to be set off on the same facts. Notional royalty for the post-expiry period of the trade mark licence was rejected because no contractual accrual could be presumed after the licence lapsed. Interest on unpaid sale consideration was held taxable on accrual, while the related interest payable by the assessee required fresh examination of the contractual liability and civil dispute. Normal business expenditure remained allowable, subject to the guest house disallowance. Case-Laws Income Tax Tue, 09 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55724