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Expenses claimed against interest income acceptable

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T N Pandey New Delhi
Last Updated : Jan 28 2013 | 2:05 AM IST
 Our private limited company stopped manufacturing and trading activities because there was no demand for our products 10 years ago, when it had accumulated and unabsorbed losses of over Rs 1 lakh.

 Since then, the only source of income has been the interest from a fixed deposit with a bank. After setting off expenses like office rent, printing and stationery, audit fee and the profession tax against the interest income, a small amount of profit is earned, which again is being set off against the unabsorbed losses.

 Now the company

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First Published: Jul 14 2003 | 12:00 AM IST

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