S. 28(i) : Business loss-Foreign exchange fluctuation loss-Matter remanded-Bad debt-Advances written off was not allowable as bad debt, same would not ipso facto jeopardize assessee’s claim for deduction of same as business loss-Matter remanded. [S.36(1)(vii), 36(2), 37(1)]

S. 28(i) : Business loss-Commodity derivatives-Suspension of operations by NSEL-Amounts due from brokers-Allowable as business loss. [S. 43(5)(e)]

S. 28(i) : Business income-Interest income from fixed deposit (FD) receipts with bank-Obtaining letter of credit for its purchases-Assessable as business income. [S. 10AA]

S. 28(i) : Business income-Capital gains-Bad debt-There is no embargo either on Assessing Officer or on assessee to show income or loss under head business or profession in subsequent year merely because it was shown in earlier assessment year-Income has to be assessed under correct head-Allowability of bad debt or business loss has to be determined in the year in which it is to be allowed-Bad debt is allowable in the year it is written off in the books of account. [S. 36(1)(viii), 36(2), 45, 143(3)]

S. 28(i) : Business income-Excess wastage of raw material-Cannot be assessed as suppressed/unaccounted production.

S. 23 : Income from house property-Annual value-Unrealised rent-Failure to produce evidence-Unrealized rent not allowable as deduction. [S. 24, R.4]

S. 14A : Disallowance of expenditure-Exempt income-Surrender of right to claim exemption-Matter remanded. [S. 10(34)]

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds available was far more than investment-No interest expenditure can be disallowed. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Average value of investment which has yielded income during year shall only be considered for purpose of disallowance. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No disallowance of expenses can be made if there is no exempt income earned during relevant previous year. [R. 8D]