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The Tax Publishers ICS Technology Services (P) Ltd. v. Dy. CIT [ITA. No. 1907 (Hyd) of 2014, dt. 13-4-2016] : 2016 TaxPub(DT) 2168 (Hyd-Trib) Set off of business loss against income from other sources *Facts:* Assessee in the business of software development had to pay for salaries and other administrative overheads during the year no matter no income arose. They also had interest on fixed deposits. Assessee offset interest income against the business loss which arose out of administrative expenses which was not accepted by the assessing officer/ Commissioner (Appeals). On further appeal: Held in favour of the assessee that no matter business income arose or otherwise since the assessee had intentions of carrying out the same they were entitled to offset the said business loss against income from the fixed deposits.

The Tax Publishers

ICS Technology Services (P) Ltd. v. Dy. CIT [ITA. No. 1907 (Hyd) of 2014, dt. 13-4-2016] : 2016 TaxPub(DT) 2168 (Hyd-Trib)

Set off of business loss against income from other sources

Facts:

Assessee in the business of software development had to pay for salaries and other administrative overheads during the year no matter no income arose. They also had interest on fixed deposits. Assessee offset interest income against the business loss which arose out of administrative expenses which was not accepted by the assessing officer/ Commissioner (Appeals). On further appeal:

Held in favour of the assessee that no matter business income arose or otherwise since the assessee had intentions of carrying out the same they were entitled to offset the said business loss against income from the fixed deposits.