https://www.taxtmi.com/caselaws?id=386869 Leave encashment disallowance requires fresh adjudication after the Supreme Court finally determines the validity and effect of section 43B(f). For book-profit computation under section 115JB, industrial promotion assistance and sales tax incentives that are capital receipts and lack income character are excluded, since only adjustments expressly authorised by the statutory Explanation may be made. No disallowance for expenditure relating to exempt income is permissible where no exempt dividend income arose during the year. That principle also applies to book profit, preventing a notional disallowance from being added under section 115JB in the absence of exempt income. en-us Fri, 04 Oct 2019 00:00:00 +0530 Thu, 10 Oct 2019 16:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386869 Leave encashment disallowance requires fresh adjudication after the Supreme Court finally determines the validity and effect of section 43B(f). For book-profit computation under section 115JB, industrial promotion assistance and sales tax incentives that are capital receipts and lack income character are excluded, since only adjustments expressly authorised by the statutory Explanation may be made. No disallowance for expenditure relating to exempt income is permissible where no exempt dividend income arose during the year. That principle also applies to book profit, preventing a notional disallowance from being added under section 115JB in the absence of exempt income. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386869