https://www.taxtmi.com/caselaws?id=16342 Net profit under section 115J must be computed from accounts prepared under Schedule VI, and prior years' arrears of depreciation cannot be charged as a current deduction; the word "loss" in the Explanation was confined to business loss and did not include depreciation. Dividend income from Unit Trust of India units was treated as part of the eligible business profits under section 32AB, and the unit-trading activity was held to form the same business as the tyre on common-fund and common-management tests. Loss on purchase and sale of units was not speculation loss, because units are not shares for the deeming rule in the Explanation to section 73. Foreign travel expenditure of the chairman's wife was allowable where board approval and business nexus were found. en-us Wed, 19 Aug 1998 00:00:00 +0530 Wed, 17 Dec 2025 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16342 Net profit under section 115J must be computed from accounts prepared under Schedule VI, and prior years' arrears of depreciation cannot be charged as a current deduction; the word "loss" in the Explanation was confined to business loss and did not include depreciation. Dividend income from Unit Trust of India units was treated as part of the eligible business profits under section 32AB, and the unit-trading activity was held to form the same business as the tyre on common-fund and common-management tests. Loss on purchase and sale of units was not speculation loss, because units are not shares for the deeming rule in the Explanation to section 73. Foreign travel expenditure of the chairman's wife was allowable where board approval and business nexus were found. Case-Laws Income Tax Wed, 19 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16342