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Case Law Details

Case Name : ACIT Vs Vashulinga Finance Pvt . Ltd. (ITAT Delhi)
Related Assessment Year : 2008-09
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Assessing Officer noticed that the assessee claimed set off of brought forward business loss against income of Rs. 24,94,407/- for the year under consideration. On perusal of profit and loss account , it was revealed that the assessee earned interest income amounting to Rs. 91,26,226/- from the deposits in the banks and thus, wrongly claimed set off of brought forward business loss against such interest income .

To a query by the AO, seeking to assess interest income from deposits in the banks und

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