S. 37(1) : Business expenditure-Additional evidence of lorry expenses for first time before CIT(A)-Considering the remand report Tribunal confirmed the addition-Miscellaneous application was dismissed-High court remanded the matter to AO for readjudication. [S. 254(2), 260A]
S. 32 : Depreciation-Goodwill-Entitle to depreciation-No question of law. [S.260A]
S. 28(i) : Business loss-Business expenditure-Obsolescence allowance-Write of off obsolete stock-Allowable as business loss. [S. 37(1), 145A]
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-No non-taxable income in relevant assessment Year-No disallowance can be made.
S. 10B : Export oriented undertakings-Manufacture-Conversion of copper clad glass epoxy laminate into smaller pieces-Processes amounted to manufacture-Entitled to exemption.
S. 10B : Export oriented undertakings-Total turnover-Foreign currency expenditure incurred for providing software development services outside India cannot be excluded from export turnover for purpose of computing deduction-When expenditure incurred in foreign currency on account of telecommunication expenses is excluded from export turnover, said expenditure has to be excluded from total turnover also for purpose of computation of deduction. [S. 80HHC, 80HHE ]
S. 10(24) : Association of trade unions-Amount received on settlement of dispute between company and its workers-Amount disbursed to workers-Amount not assessable in hands of trade union.
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty Payments made for import of software for imparting of information concerning technical industrial commercial or scientific knowledge etc-Assessable as royalty-Liable to deduct tax at source. [S. 9(1)(vii), 195]