https://www.taxtmi.com/caselaws?id=239019 For profit-linked deductions, interest, rent and similar receipts were treated as excludible only after examining whether there was a direct nexus with related expenditure, so that net income rather than gross receipts could be considered where proof was shown. Receipts forming part of sale proceeds, such as scrap, waste or debtor-related interest, were treated as business-linked amounts not requiring separate exclusion, while discount and transport income were accepted in the assessee's favour. The discussion also covers disallowance of advance-tax overdraft interest, guest-house and entertainment expenses, section 40A(2) excessiveness, and remand of section 35AB and project-income issues for fresh verification. en-us Thu, 28 Feb 2013 00:00:00 +0530 Sun, 03 Nov 2013 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239019 For profit-linked deductions, interest, rent and similar receipts were treated as excludible only after examining whether there was a direct nexus with related expenditure, so that net income rather than gross receipts could be considered where proof was shown. Receipts forming part of sale proceeds, such as scrap, waste or debtor-related interest, were treated as business-linked amounts not requiring separate exclusion, while discount and transport income were accepted in the assessee's favour. The discussion also covers disallowance of advance-tax overdraft interest, guest-house and entertainment expenses, section 40A(2) excessiveness, and remand of section 35AB and project-income issues for fresh verification. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239019