https://www.taxtmi.com/caselaws?id=36621 The court held that the profit from the sale of gunny bags should be treated as business income as it arose from the normal trading operations of the assessee. However, the interest on income-tax arrears and commission on borrowed shares were not deductible. The court allowed the deduction of gratuity payable to employees if determined on an actuarial basis but disallowed the deduction for the payment made for debentures, considering it as capital in nature. The Tribunal's decisions were affirmed on all issues, emphasizing commercial accounting principles in tax determinations. en-us Wed, 27 Feb 1980 00:00:00 +0530 Tue, 23 Mar 2010 15:01:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36621 The court held that the profit from the sale of gunny bags should be treated as business income as it arose from the normal trading operations of the assessee. However, the interest on income-tax arrears and commission on borrowed shares were not deductible. The court allowed the deduction of gratuity payable to employees if determined on an actuarial basis but disallowed the deduction for the payment made for debentures, considering it as capital in nature. The Tribunal's decisions were affirmed on all issues, emphasizing commercial accounting principles in tax determinations. Case-Laws Income Tax Wed, 27 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36621