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2013 (10) TMI 1362 - HC - Income TaxMiscellaneous income derived from penal interest and pre-closure charges can also be treated as eligible profit for the purpose of deduction under section 36(1)(vii) of the Act when receiving income from providing long term finance being the eligible business. - See Weizmann Homes Ltd. case [2013 (5) TMI 123 - KARNATAKA HIGH COURT ] Appellate Authorities were correct in holding that when computing the Book Profit u/s.115JB of the Act the assessee need not add back lease equalization reserve (reserve for doubtful income) and provisions for contingencies (unascertained liability) - See Weizmann Homes Ltd. case [2013 (5) TMI 123 - KARNATAKA HIGH COURT ]
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