https://www.taxtmi.com/caselaws?id=192320 Depreciation on leased vehicles may be claimed by the lessor where contractual and factual indicia show ownership and business use. Interest on sticky loans does not accrue on a merely theoretical basis when recovery is doubtful, even under the mercantile system and despite RBI prudential norms. A provision for doubtful debts is not deductible merely because it follows RBI provisioning requirements. Bad debts written off need not be proved irrecoverable, but statutory conditions for the deduction must still be satisfied. Loss on sale of a delinquent loan portfolio can constitute a business loss where the receivables arise in the ordinary course of the financing business. Levy of interest under sections 234B, 234C and 234D depends on verification of the relevant factual and statutory conditions. en-us Mon, 29 Aug 2016 00:00:00 +0530 Thu, 25 May 2017 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192320 Depreciation on leased vehicles may be claimed by the lessor where contractual and factual indicia show ownership and business use. Interest on sticky loans does not accrue on a merely theoretical basis when recovery is doubtful, even under the mercantile system and despite RBI prudential norms. A provision for doubtful debts is not deductible merely because it follows RBI provisioning requirements. Bad debts written off need not be proved irrecoverable, but statutory conditions for the deduction must still be satisfied. Loss on sale of a delinquent loan portfolio can constitute a business loss where the receivables arise in the ordinary course of the financing business. Levy of interest under sections 234B, 234C and 234D depends on verification of the relevant factual and statutory conditions. Case-Laws Income Tax Mon, 29 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192320