https://www.taxtmi.com/caselaws?id=310885 A revised loss return filed within time was treated as valid under the statutory fiction applying to loss returns, so the enhanced loss could be carried forward. Notional interest could not be reduced from dividend income for section 80M where internal accruals and interest-free funds exceeded the investments. Provision for doubtful debts was disallowed. Ad hoc interest disallowance on advances to subsidiaries was deleted because the advances were supported by net owned funds and other interest-free resources. Revenue expenditure was allowed despite being shown as deferred in the books. Depreciation on leased commercial vehicles and sale-and-lease-back assets was allowed where the transactions were genuine. Additional grounds were remanded for fresh adjudication. en-us Fri, 30 Jan 2015 00:00:00 +0530 Thu, 23 Nov 2023 19:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310885 A revised loss return filed within time was treated as valid under the statutory fiction applying to loss returns, so the enhanced loss could be carried forward. Notional interest could not be reduced from dividend income for section 80M where internal accruals and interest-free funds exceeded the investments. Provision for doubtful debts was disallowed. Ad hoc interest disallowance on advances to subsidiaries was deleted because the advances were supported by net owned funds and other interest-free resources. Revenue expenditure was allowed despite being shown as deferred in the books. Depreciation on leased commercial vehicles and sale-and-lease-back assets was allowed where the transactions were genuine. Additional grounds were remanded for fresh adjudication. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310885