Business loss
This query is : Resolved
CA Navinkumar Mishra
(Querist)
15 September 2012
can brought forward business loss be set off against interest income earned by investment company.
please provide some case laws for the same
please provide some case laws for the same
Amol S Joglekar
(Expert)
15 September 2012
No need to have a case law. In case of investment company, although interest income is taxed under income from other sources, it does not lose the character of business income.
CA Navinkumar Mishra
(Querist)
15 September 2012
i agree wid u. plz provide me name of sum case law..its urgent
Pankaj Gupta
(Expert)
15 September 2012
No case laws are required for it. Investment is the business of investment co. thus interest received by it is its business income. And as a general rule business loss can be set off against business income. Had your co not being an investment co than such treatment was not possible.
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Amol S Joglekar
(Expert)
15 September 2012
There are few cases of kerala high court. Kakinada Investments
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