https://www.taxtmi.com/caselaws?id=364427 Depreciation is allowable on trucks used in a leasing business where the assets are acquired and employed for the assessee's business, even if not physically used by the assessee itself. Carry forward business losses may be set off against dividend income when the underlying investments are treated as business investments and the related loss is business-linked. Amounts not paid by prize chit winners can support a bad debt claim where the foreman's statutory obligation creates a business receivable and the amount is written off in the accounts; the same default may also be treated as a business loss connected with trading operations. en-us Wed, 04 Jul 2018 00:00:00 +0530 Wed, 09 Jan 2019 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364427 Depreciation is allowable on trucks used in a leasing business where the assets are acquired and employed for the assessee's business, even if not physically used by the assessee itself. Carry forward business losses may be set off against dividend income when the underlying investments are treated as business investments and the related loss is business-linked. Amounts not paid by prize chit winners can support a bad debt claim where the foreman's statutory obligation creates a business receivable and the amount is written off in the accounts; the same default may also be treated as a business loss connected with trading operations. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364427