https://www.taxtmi.com/caselaws?id=205700 For computation of deduction under Chapter VI-A, current depreciation under section 32 must be given effect to in determining gross total income, even if the assessee did not claim it in the return; the deduction was therefore worked out after mandatory depreciation adjustment. A loan or advance to a concern is not treated as deemed dividend under section 2(22)(e) where it is made in the ordinary course of business and lending of money forms a substantial part of the lender's business; on the stated facts, the exclusion applied because the lender had deployed substantial assets in loans and advances and earned interest income. The assessment was accordingly to be recomputed on this basis. en-us Mon, 20 Sep 2010 00:00:00 +0530 Mon, 26 Mar 2012 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205700 For computation of deduction under Chapter VI-A, current depreciation under section 32 must be given effect to in determining gross total income, even if the assessee did not claim it in the return; the deduction was therefore worked out after mandatory depreciation adjustment. A loan or advance to a concern is not treated as deemed dividend under section 2(22)(e) where it is made in the ordinary course of business and lending of money forms a substantial part of the lender's business; on the stated facts, the exclusion applied because the lender had deployed substantial assets in loans and advances and earned interest income. The assessment was accordingly to be recomputed on this basis. Case-Laws Income Tax Mon, 20 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205700