Expenditure claimed on account of maintaining corporate entity cannot be disallowed even when no business is carried out

Issues before tribunal: Whether expenses incurred for maintaining corporate entity & expenditure for day to day functioning of the company are allowable expenses u/s 37 even when no business activity was carried out by the assessee? Whether claim of set off of brought forward losses depreciation brought forward from earlier years should have been allowed? Brief Facts: Assessee had been engaged in the business of investing, leasing & financing since 1992 and in the course of business receipt and payment of interest was an ordinary activity conducted in the normal course of business. ...