https://www.taxtmi.com/caselaws?id=209838 Expenditure relatable to exempt dividend income under section 14A had to be determined on a reasonable basis, and a mechanical ad hoc disallowance could not stand; the matter was remitted for fresh adjudication. Long-term capital loss on sale of shares was not shown to be a bogus or colourable paper transaction because the shares were long-held investments, sold under a documented restructuring, and the Revenue failed to prove sham consideration; the loss was allowed. Amounts written off on loans were treated as a valid bad debt/business loss where the write-off was reflected in the accounts and the lending activity was business income, though limited verification of the debtor's identity was directed. A provision for doubtful debts was not added back to book profit under section 115JB where the underlying write-off was allowable; the Revenue's ground failed. en-us Wed, 27 Apr 2011 00:00:00 +0530 Wed, 10 Jul 2013 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209838 Expenditure relatable to exempt dividend income under section 14A had to be determined on a reasonable basis, and a mechanical ad hoc disallowance could not stand; the matter was remitted for fresh adjudication. Long-term capital loss on sale of shares was not shown to be a bogus or colourable paper transaction because the shares were long-held investments, sold under a documented restructuring, and the Revenue failed to prove sham consideration; the loss was allowed. Amounts written off on loans were treated as a valid bad debt/business loss where the write-off was reflected in the accounts and the lending activity was business income, though limited verification of the debtor's identity was directed. A provision for doubtful debts was not added back to book profit under section 115JB where the underlying write-off was allowable; the Revenue's ground failed. Case-Laws Income Tax Wed, 27 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209838