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The High Court of Kerala dismissed a petition under section 256(2) of the Income-tax Act, 1961, regarding the characterization of the sale of a hotel business as a mere discontinuance of an activity. The Tribunal held that the assessee was entitled to carry forward and set off unabsorbed losses and depreciation against other incomes. The Tribunal's decision was upheld as the business was deemed composite, and the benefit was initially granted in the original assessment. The petition was dismissed.
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