https://www.taxtmi.com/caselaws?id=36956 The court ruled in favor of the revenue, holding that interest on securities should be separately assessed and not merged with business income for the purpose of computing deductions under section 37(2) of the Income-tax Act, 1961. It was determined that entertainment expenditure should be considered after deduction under section 20, and the proportionate part computed under section 37(2) must be allowed under section 20. The court did not explicitly address the jurisdiction of the Appellate Tribunal to permit additional grounds but implicitly supported it by resolving substantive issues raised during the appeal process. en-us Wed, 17 Jan 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:53:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36956 The court ruled in favor of the revenue, holding that interest on securities should be separately assessed and not merged with business income for the purpose of computing deductions under section 37(2) of the Income-tax Act, 1961. It was determined that entertainment expenditure should be considered after deduction under section 20, and the proportionate part computed under section 37(2) must be allowed under section 20. The court did not explicitly address the jurisdiction of the Appellate Tribunal to permit additional grounds but implicitly supported it by resolving substantive issues raised during the appeal process. Case-Laws Income Tax Wed, 17 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36956