https://www.taxtmi.com/caselaws?id=29654 The High Court ruled against the assessee on both issues. It denied the deduction of extra expenditure due to devaluation under section 35A, stating the amount was not an actual expenditure but a notional liability. Additionally, it rejected treating interest receipts from bank deposits as business income under section 80J, emphasizing the need for a direct connection with the business activity. The court held that the interest income did not qualify for deduction under section 80J. en-us Mon, 23 Nov 1981 00:00:00 +0530 Mon, 15 Mar 2010 13:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29654 The High Court ruled against the assessee on both issues. It denied the deduction of extra expenditure due to devaluation under section 35A, stating the amount was not an actual expenditure but a notional liability. Additionally, it rejected treating interest receipts from bank deposits as business income under section 80J, emphasizing the need for a direct connection with the business activity. The court held that the interest income did not qualify for deduction under section 80J. Case-Laws Income Tax Mon, 23 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29654