https://www.taxtmi.com/caselaws?id=404049 Identical lease and rental receipts from building, plant and machinery were treated as business income because the same treatment had been consistently accepted in earlier and later years on unchanged facts; consequently, depreciation and set-off of carried-forward business losses were also allowable. The proposed notional rental addition on the interest-free security deposit failed once the underlying receipts were classified as business income and the assets were accepted as business assets. Retrenchment compensation, however, fell under the statutory amortisation rule and was deductible only in the prescribed instalments, not in full in the year of payment. en-us Tue, 09 Feb 2021 00:00:00 +0530 Sat, 13 Feb 2021 15:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404049 Identical lease and rental receipts from building, plant and machinery were treated as business income because the same treatment had been consistently accepted in earlier and later years on unchanged facts; consequently, depreciation and set-off of carried-forward business losses were also allowable. The proposed notional rental addition on the interest-free security deposit failed once the underlying receipts were classified as business income and the assets were accepted as business assets. Retrenchment compensation, however, fell under the statutory amortisation rule and was deductible only in the prescribed instalments, not in full in the year of payment. Case-Laws Income Tax Tue, 09 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404049