https://www.taxtmi.com/caselaws?id=58063 The Tribunal concluded that income from subletting should not be separately assessed under 'Income from other sources' but considered as part of 'Profits and gains of business or profession'. Interest income from deposits was deemed business income due to the funds' commercial purpose. Section 44C was held applicable even in a loss year, disallowing head office expenses. Specific expenses related to the Indian branch were not head office expenses. Unabsorbed depreciation did not receive preference over current year's depreciation. Disallowances under rule 6D were upheld. Medical reimbursement was considered part of salary, and repairs to flats were not deemed perquisites. Depreciation on assets in a guest-house was allowed, and expenses under section 37 were upheld. en-us Mon, 23 Jun 1986 00:00:00 +0530 Fri, 17 Dec 2010 11:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58063 The Tribunal concluded that income from subletting should not be separately assessed under 'Income from other sources' but considered as part of 'Profits and gains of business or profession'. Interest income from deposits was deemed business income due to the funds' commercial purpose. Section 44C was held applicable even in a loss year, disallowing head office expenses. Specific expenses related to the Indian branch were not head office expenses. Unabsorbed depreciation did not receive preference over current year's depreciation. Disallowances under rule 6D were upheld. Medical reimbursement was considered part of salary, and repairs to flats were not deemed perquisites. Depreciation on assets in a guest-house was allowed, and expenses under section 37 were upheld. Case-Laws Income Tax Mon, 23 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58063