https://www.taxtmi.com/caselaws?id=60499 The Tribunal upheld the assessment of rental income under 'Income from house property' for the assessment years 1986-87 and 1987-88, as the property did not qualify as a business asset due to the lack of business operations. Interest paid on borrowed funds for property purchase was not allowed as a deduction under 'Profits and gains of business or profession' for the same reason. The Tribunal ruled in favor of the assessee's claim to adjust the entire dividend income against the loss under 'Income from house property,' emphasizing the importance of actual business operations in income assessment and deductions. en-us Wed, 18 Jun 1997 00:00:00 +0530 Wed, 05 Jan 2011 16:04:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60499 The Tribunal upheld the assessment of rental income under 'Income from house property' for the assessment years 1986-87 and 1987-88, as the property did not qualify as a business asset due to the lack of business operations. Interest paid on borrowed funds for property purchase was not allowed as a deduction under 'Profits and gains of business or profession' for the same reason. The Tribunal ruled in favor of the assessee's claim to adjust the entire dividend income against the loss under 'Income from house property,' emphasizing the importance of actual business operations in income assessment and deductions. Case-Laws Income Tax Wed, 18 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60499