https://www.taxtmi.com/caselaws?id=233538 The court ruled in favor of the assessee regarding the eligibility of miscellaneous income for deduction under Section 36(1)(viii) of the Income Tax Act, holding that such income has a direct nexus with the long-term finance business and is eligible for deduction. However, the court sided with the Revenue regarding the inclusion of provisions for doubtful debts/advance in the book profit under Section 115JA, directing the Assessing Authority to recompute the income accordingly. The court dismissed ITA No.918/2006 and allowed ITA Nos.341 and 343 of 2007 concerning the computation of income under Section 115JA. en-us Mon, 04 Mar 2013 00:00:00 +0530 Sat, 11 Apr 2026 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233538 The court ruled in favor of the assessee regarding the eligibility of miscellaneous income for deduction under Section 36(1)(viii) of the Income Tax Act, holding that such income has a direct nexus with the long-term finance business and is eligible for deduction. However, the court sided with the Revenue regarding the inclusion of provisions for doubtful debts/advance in the book profit under Section 115JA, directing the Assessing Authority to recompute the income accordingly. The court dismissed ITA No.918/2006 and allowed ITA Nos.341 and 343 of 2007 concerning the computation of income under Section 115JA. Case-Laws Income Tax Mon, 04 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233538