https://www.taxtmi.com/forum/issue?id=106237 Assessee, a share dealer with some securities held as investments, received exempt dividend income; it added back expenditures attributable to exempt income when computing book profit but did not add back a formulaic notional disallowance calculated on average investments. The assessing officer required inclusion of that notional disallowance in book profit. The question is whether a rule-based notional disallowance debited or otherwise affecting profit and loss must be added back in computing book profit alongside other add-backs for exempt income. en-us Thu, 14 Nov 2013 23:26:19 +0530 Thu, 23 Jan 2025 15:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=106237 Assessee, a share dealer with some securities held as investments, received exempt dividend income; it added back expenditures attributable to exempt income when computing book profit but did not add back a formulaic notional disallowance calculated on average investments. The assessing officer required inclusion of that notional disallowance in book profit. The question is whether a rule-based notional disallowance debited or otherwise affecting profit and loss must be added back in computing book profit alongside other add-backs for exempt income. Discussion-Forum Income Tax Thu, 14 Nov 2013 23:26:19 +0530 https://www.taxtmi.com/forum/issue?id=106237