S.37(1) :Business expenditure – Commission paid to the foreign agents for having worked on behalf of the Assessee in procuring sales is held to be allowable- Business Loss – No colourable device employed by Assessee in the process sale of shares at low price- Loss is held to be allowable .[ S.28(i) ]

S.37(1) : Business expenditure – Capital or revenue – Bank NRI mobilisation expenditure – Amount paid to vacating the premises – Held to be allowable

S.32: Depreciation –Special foundation of windmill – 80% depreciation allowed on Civil Construction, electrical and other non-integral part of installations as against 15% restricted by the AO .

S.28(i) :Business loss – Business expenditure — Obsolescence allowance — Write of off obsolete stock – Allowable as business loss .[ S. 37(1) 145A]

S. 28(i): Income from business – Income from house property – Exploitation of property commercially by way of complex commercial activities – Rental income is to be taxable as income from business – Not as Income from House Property. [S.22]

S.28(i): Business income- Client code modification-(CCM )- Shifting of profits- Addition as income on the basis of alleged doubtful transaction is held to be not valid – Deletion of addition b the Tribunal is affirmed. [S.69, 143(3)]

S. 14A: Disallowance of expenditure – Exempt income -Disallowance cannot exceed assessee’s exempt income. [R.8D]

S. 14A: Disallowance of expenditure – Exempt income – Disallowance cannot exceed exempt income earned — Tribunal restricting disallowance to extent offered by assessee is held to be proper. [R.8D]

S. 14A : Disallowance of expenditure – Exempt income – In the absence of any exempt income, disallowance is not permissible. [ R.8D]

S. 14A : Disallowance of expenditure – Exempt income – Rule 8D is not applicable to assessments prior to AY. 2008 -09 [R.8D]