https://www.taxtmi.com/caselaws?id=58454 The ITAT ruled in favor of the assessee, directing the modification of the assessment to allow the claimed business loss for the assessment year 1978-79. The tribunal found that despite internal disputes leading to a temporary halt in business activities, the assessee maintained assets, machinery, and financial readiness, indicating an intent to resume operations. The ITAT emphasized that the absence of trading activities does not necessarily signify business discontinuation, especially when there is evidence of ongoing preparations to restart operations. en-us Wed, 05 May 1982 00:00:00 +0530 Mon, 20 Dec 2010 11:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58454 The ITAT ruled in favor of the assessee, directing the modification of the assessment to allow the claimed business loss for the assessment year 1978-79. The tribunal found that despite internal disputes leading to a temporary halt in business activities, the assessee maintained assets, machinery, and financial readiness, indicating an intent to resume operations. The ITAT emphasized that the absence of trading activities does not necessarily signify business discontinuation, especially when there is evidence of ongoing preparations to restart operations. Case-Laws Income Tax Wed, 05 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58454