S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Banking facilities available-No evidence of compelling circumstances justifying payments-Disallowance is justified. [R. 6DD]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-No reasonable cause to make payment- Disallowance is held to be justified. [R. 6DD]

S. 37(1) : Business expenditure-Service charges paid to employees in terms of agreement entered into under Industrial Disputes Act-Allowable as deduction. [Industrial Disputes Act, 1947, S.18(1)]

S. 37(1) : Business expenditure-Capital or revenue-Loan to purchase plant and machinery-Increase in liability due to fluctuation in foreign exchange rates-Capital expenditure.

S. 37(1) : Business expenditure-Bank-Purchase and sale of securities -Broken period interest paid on purchase of securities allowable as deduction when the broken period interest from sale offered to tax as business income. [S. 28(i), 145]

S. 32 : Depreciation-Unabsorbed Depreciation-Carry Forward And Set Off-Finance Act Of 2001 and Circular No. 14 of 2001-No time limit for carry forward and set off. [S. 32(2)]

S. 28(i) : Business income-Income from house property-Rental income from Technology Park owned, developed and maintained by assessee-Taxable as business income-Remand by Appellate Tribunal is held to be not proper. [S. 22,80IAB, 254(1)]

S. 17(3) : Profits in lieu of salary-Amounts paid to employees under non-compete agreement-Not taxable in India-DTAA-India-USA. [S. 5(2) 9(1), 15, 195, 260A, Art, 16 23]

S. 14A : Disallowance of expenditure-Exempt income-Non taxable income. [R. 8D]

S. 12AA : Procedure for registration–Trust or institution-Charitable purpose-Amendment has not changed law with regard to cancellation of registration-Cancellation of registration is held to be not valid- Order of Tribunal is affirmed. [S. 2(15), 12AA(3)]