https://www.taxtmi.com/caselaws?id=382046 Depreciation was allowed to the lessor on financial lease assets under section 32, while a separate set of lease transactions was remitted for fresh verification. Interest disallowance under section 36(1)(iii) was deleted because the investments in State Financial Corporations and Government securities were treated as part of the assessee's business activity. Deduction under section 80M was directed to be recomputed by restricting the disallowance to 1% of dividend income. Profit on sale of shares was assessed as capital gains, applying the rule of consistency, and exemption under section 10(23G) was allowed on gross basis after only direct expenses. en-us Fri, 21 Jun 2019 00:00:00 +0530 Sun, 14 Jun 2020 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382046 Depreciation was allowed to the lessor on financial lease assets under section 32, while a separate set of lease transactions was remitted for fresh verification. Interest disallowance under section 36(1)(iii) was deleted because the investments in State Financial Corporations and Government securities were treated as part of the assessee's business activity. Deduction under section 80M was directed to be recomputed by restricting the disallowance to 1% of dividend income. Profit on sale of shares was assessed as capital gains, applying the rule of consistency, and exemption under section 10(23G) was allowed on gross basis after only direct expenses. Case-Laws Income Tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382046