https://www.taxtmi.com/caselaws?id=60224 Expenditure claimed against income from other sources required fresh examination under section 57(iii) because the company had no business activity in the year and earned only interest income. The lower authorities had not considered whether the expenses had a direct or indirect nexus with that income or whether they were necessary to preserve the company's corporate status after nationalisation of its coal mines under the Companies Act, 1956 and the Coal Mines (Nationalisation) Act, 1973. The disallowance was not finally upheld, and the matter was restored to the Assessing Officer for reconsideration. en-us Sat, 17 Oct 1987 00:00:00 +0530 Tue, 04 Jan 2011 13:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60224 Expenditure claimed against income from other sources required fresh examination under section 57(iii) because the company had no business activity in the year and earned only interest income. The lower authorities had not considered whether the expenses had a direct or indirect nexus with that income or whether they were necessary to preserve the company's corporate status after nationalisation of its coal mines under the Companies Act, 1956 and the Coal Mines (Nationalisation) Act, 1973. The disallowance was not finally upheld, and the matter was restored to the Assessing Officer for reconsideration. Case-Laws Income Tax Sat, 17 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60224