S. 40(a)(ia) : Amounts not deductible-Deduction at source– Subsidiary company-Reimbursement of expenses-Not liable to deduct tax at source-No disallowance can be made. [S. 195]

S. 37(1) : Business expenditure–Capital or revenue–Proportionate rent and lease premium-Held to be revenue expenditure.

S. 37(1) : Business expenditure–Capital or revenue–Foreign currency convertible Bond-(FCCB) issuing expenses–Held to be allowable as revenue expenses.

S. 37(1) : Business expenditure–Raising loan-Capital or revenue-Expenses for issuing Foreign Convertible Bond only on interpretation of DTAA-Question of law. [S. 260A]

S. 37(1) : Business expenditure-Joint Venture with State Industrial Corporation-Subsequent winding up of joint venture company — Amount paid as guarantor under the Scheme of BIFR is held to be allowable as deduction.

S. 37(1) : Business expenditure–Deferred expenditure-No concept of deferred revenue expenditure–Expenditure is allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital–Interest and finance charges-loans taken for investment in acquiring controlling interest in a foreign subsidiary which is in same line of business-Allowable as expenditure. [S. 37(1)]

S. 36(1)(iia) : Weighted deduction–Salary paid to blind or physically handicapped persons–Computation-Salary to be taken after allowance of standard deduction. [S. 16]

S. 32 : Depreciation-Moulds – Depreciation at 30 % or 10%-Glass manufacturing concern-Matter remanded to the Tribunal. [S.254(1)]

S. 32 : Depreciation-Entitled to depreciation in respect of assets which were discarded or scrapped during previous year-Not necessary that such assets were actually sold during year.