https://www.taxtmi.com/caselaws?id=466022 Disallowance of exempt-income related expenditure was negated on the ground that investments in joint ventures represented profit shares and constituted current account transactions for loans to the JVs, hence no disallowance under the tax provision applies. Expected losses recognised under Accounting Standard 7 on construction contracts are allowable as expenses under income tax law as they reflect the accounting principle of prudence; quantification was remitted to the assessing officer for verification with supporting documents. Allowability of deduction claimed under investment-linked incentives for contracts with non-government parties was restored for reconsideration with admission of additional evidence. Book profit for corporate tax purposes is to be recomputed in light of revised audited Form 29B. en-us Thu, 16 May 2024 00:00:00 +0530 Tue, 20 Jan 2026 14:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466022 Disallowance of exempt-income related expenditure was negated on the ground that investments in joint ventures represented profit shares and constituted current account transactions for loans to the JVs, hence no disallowance under the tax provision applies. Expected losses recognised under Accounting Standard 7 on construction contracts are allowable as expenses under income tax law as they reflect the accounting principle of prudence; quantification was remitted to the assessing officer for verification with supporting documents. Allowability of deduction claimed under investment-linked incentives for contracts with non-government parties was restored for reconsideration with admission of additional evidence. Book profit for corporate tax purposes is to be recomputed in light of revised audited Form 29B. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466022