https://www.taxtmi.com/caselaws?id=178809 Depreciation on assets used in sale and leaseback arrangements was treated as allowable where the assessee retained legal ownership in substance and used the assets in business, so the disallowance was deleted. Preliminary expenses under section 35D were not deductible because the expenditure was incurred after commencement of business and not for expansion or setting up a new industrial undertaking, so the disallowance was sustained. No separate disallowance was permitted for dividend income under section 80M on the facts applied, so that relief was allowed. Interest under section 234B was held consequential to the substantive tax determination, while interest under section 234C was chargeable according to law on the returned income. en-us Fri, 25 Jul 2014 00:00:00 +0530 Sat, 13 Feb 2016 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178809 Depreciation on assets used in sale and leaseback arrangements was treated as allowable where the assessee retained legal ownership in substance and used the assets in business, so the disallowance was deleted. Preliminary expenses under section 35D were not deductible because the expenditure was incurred after commencement of business and not for expansion or setting up a new industrial undertaking, so the disallowance was sustained. No separate disallowance was permitted for dividend income under section 80M on the facts applied, so that relief was allowed. Interest under section 234B was held consequential to the substantive tax determination, while interest under section 234C was chargeable according to law on the returned income. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178809