S. 72 : Carry forward and set off of business losses -Speculation losses-There is no bar in adjustment of unabsorbed business losses from speculation profit of current year, provided speculation losses earlier years has been first adjusted from speculation profit. [ S.71 , 73 ]

S. 43B : Deductions on actual payment – Service tax – Not deposited with Government before due date of filing of return – Disallowance was held to be justified [ S.139(1) ]

S.37(1): Business expenditure -Capital or revenue – Payment of spectrum charges to Department of Telecommunications on quarterly basis is held to be revenue expenditure.[ S.35BB ]

S.37(1): Business expenditure -Distribution of gift articles – Accommodation entries- Bogus purchases – Disallowance was restricted to 30 % of the claim .

S.37(1): Business expenditure- Foreign tour expenses of Research manager of export is held to be allowable as the turnover has increased in succeeding years .

S.37(1): Business expenditure -Legal expenses – Merely because the payment was made cheque and TDS was deducted expenses cannot be allowed , in the absence of any documentary evidence connecting expenditure incurred for business auxiliary service with business of assessee.

S.37(1): Business expenditure- Professional fees paid to retired employees of assessee who were expert in this field is held to be allowable as deduction .

S.36(1)(iii): Interest on borrowed capital- Work in progress- Expansion of existing business – interest on capital work-in-progress representing amount incurred on installation of new towers, is held to be not allowable as deduction .Matter was seta side to AO to verify if investment was made from interest free funds no disallowances can be made .

S. 36(1)(iii) :Interest on borrowed capital -Interest on loan taken for renovation and modernisation of factory premises is allowable as deduction .

S.32: Depreciation- Lease premises -Notionally estimated cost and capitalised for restoration of office spaces for setting up of cell site towers – Depreciation is held to be not allowable [ S.43(1) ]