https://www.taxtmi.com/caselaws?id=209435 Additional finance charges on hire-purchase and lease transactions were to be taxed on the cash basis consistently followed by the assessee, as the agreement clause did not by itself create taxable income and the jurisdictional precedent protected the method of accounting. Loss on sale of unquoted shares to a sister concern at a negotiated price was treated as a genuine commercial transaction, and the declared long-term capital loss was not to be disallowed absent a valid basis to reject the sale price. For book-profit computation under section 115JB, provision for bad debts written off bona fide and the transfer to statutory reserve were not required to be added back, including in light of the retrospective amendment to Explanation 1. en-us Fri, 26 Mar 2010 00:00:00 +0530 Fri, 19 Jul 2013 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209435 Additional finance charges on hire-purchase and lease transactions were to be taxed on the cash basis consistently followed by the assessee, as the agreement clause did not by itself create taxable income and the jurisdictional precedent protected the method of accounting. Loss on sale of unquoted shares to a sister concern at a negotiated price was treated as a genuine commercial transaction, and the declared long-term capital loss was not to be disallowed absent a valid basis to reject the sale price. For book-profit computation under section 115JB, provision for bad debts written off bona fide and the transfer to statutory reserve were not required to be added back, including in light of the retrospective amendment to Explanation 1. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209435