1982 (10) TMI 69

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....nafter referred to CIT(A) by which he has allowed the business loss as claimed by the assessee. 2. From the order of the Income Tax Officer (hereinafter referred to as ITO), it is seen that the assessee filed the return declaring a loss of Rs. 23,622. The ITO noticed that the assessee has not commenced any business during the year under consideration and that by its letter dt. 31st March, 1979,....

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....ness loss for the purpose of carrying forward. It was also stated that it earned interest on investment of the funds. The CIT(A) found that the submission made on behalf of the assessee was correct. He noticed from the balance sheet that the capital of the partners was at Rs. 1,04,142 and the loan payable was Rs. 4,45,997. He noticed further that the assets side included leasehold land and buildin....

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.... was undertaken during the year. According to the revenue, the payment of lease rent, corporation taxes, earning or paying interest, etc., do not by themselves constitute business activities. Briefly speaking, it is urged that the CIT(A) without verifying the records or the facts of the case, has simply accepted the submissions made before him and, therefore, his order requires to be reversed and ....