https://www.taxtmi.com/caselaws?id=179864 Interest on securities was held taxable in the year it became legally due, even if earlier excluded from income, because due income cannot be omitted from computation. Foreign exchange gain on return of funds remitted to overseas branches was treated as revenue receipt, as the funds were on circulating capital and not capital account. Depreciation on building and entertainment expenses were disallowed in line with prior treatment and statutory restriction. By contrast, loss on revaluation of bank trading securities and Wills World Cup expenditure were allowed as revenue items. Translation difference, wage arrears, and rebated interest were remanded for fresh examination or a speaking order. en-us Thu, 31 Jan 2013 00:00:00 +0530 Thu, 10 Mar 2016 18:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179864 Interest on securities was held taxable in the year it became legally due, even if earlier excluded from income, because due income cannot be omitted from computation. Foreign exchange gain on return of funds remitted to overseas branches was treated as revenue receipt, as the funds were on circulating capital and not capital account. Depreciation on building and entertainment expenses were disallowed in line with prior treatment and statutory restriction. By contrast, loss on revaluation of bank trading securities and Wills World Cup expenditure were allowed as revenue items. Translation difference, wage arrears, and rebated interest were remanded for fresh examination or a speaking order. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179864