S. 36(1)(iii) : Interest on borrowed capital–Stock in trade– Housing project–Percentage completion method-Interest on money borrowed-Added to cost of project. [S.145, AS 16]

S. 35 : Scientific research–Approval granted was cancelled subsequently with retrospective effect–Weighted deduction cannot be denied if there was valid and subsisting approval when donation was given.[S. 35(1)(ii)]

S. 32 : Depreciation-Power project–Housing colony for accommodation of staff involved in power project-Directed to AO to determine to compute depreciation on housing colony at rate of 3.02 per cent on SLM basis-.Matter remanded. [S. 32(1)(i)]

S. 32 : Depreciation-Power project–Housing colony for accommodation of staff involved in power project-Directed to AO to determine to compute depreciation on housing colony at rate of 3.02 per cent on SLM basis-Matter remanded. [S. 32(1)(i)]

S. 32 : Depreciation-Delivery from recognised seller–Denial of depreciation is held to be not justified.

S. 28(iv) : Business income-Value of any benefit or perquisites- Converted in to money or not-Discount received by assessee on buyback of Foreign Currency Convertible Bonds (FCCB) is capital receipt–Not liable to be taxed.[S. 4]

S. 22 : Income from house property–Owner-SPV promoted by State Housing Board for undertaking construction of apartments- Not an owner of apartments-Annual value of unfinished flats could not be brought to tax.[S. 23]

S. 22 : Income from house property -Fair rent not available–AO is directed to take let out value of property as per determination value by Cantonment Board to determine annual fair value.[S. 24]

S. 14A : Disallowance of expenditure-Exempt income-interest and other charges paid to bank was capitalized in capital work-in-progress account–Addition cannot be made while computing book profit. [S. 115JB]

S. 14A : Disallowance of expenditure-Exempt income–Suo–moto disallowance–Not recording of dissatisfaction- No disallowance can be made.[R. 8D]