Business loss can be set off against taxable under other head if such income can be attributed to a business activity

HIGH COURT OF DELHI Lavish Apartment (P.) Ltd. V/s. Assistant Commissioner of Income-tax IT APPEAL No. 254 OF 2006 JULY 23, 2012 JUDGMENT R.V. Easwar, J. The following substantial question of law is framed:- “Whether the Income Tax Appellate Tribunal was right in law in holding that the assessee was not entitled to set off the brought forward business loss against the rental income, car and computer hire charges and the commission income received in the previous year relevant to the assessment year 1995-96, on a proper interpretation of Section 72(1) of the Income Tax A...