S.44 : Insurance business – Insurance company is entitle o exemption u/s 10(34) , however S.14A cannot be invoked to disallow the expenditure . [ S.10(34), 14A ]

S. 44: Insurance business – While computing profit and gains from an insurance company enhancement made by revenue in respect of provision for doubtful debts in shareholders profit and loss account, is to be deleted.

S.44 : Insurance business – Funds for Future Appropriation (FFA) represents provision of definite and ascertained liability, same cannot be considered as part of actuarial surplus being liable to tax

S. 44 : Insurance business -Bonus declared for policy holders, it became a part of ascertained liability and, thus, same could not be treated as a part of actuarial surplus being liable to tax .

S. 44: Insurance business – The profit disclosed in the shareholder’s profit and loss account (Form A-PL) is the profit derived from life Insurance business for computing the insurance business income and also on the principle of consistency . [ S.115JB ]

S.43B: Deductions on actual payment- Payment of Leave encashment made before due date of filling of return of income is allowable as deduction .[ S.139(1) ]

S.40(a)(ia):Amounts not deductible – Deduction at source – payment to purchase of raw materials is not liable to deduct tax at source .[ S.194C ]

S. 37(1): Business expenditure – Capital or revenue – Debenture whether convertible or non convertible are in nature of loan at the time of issuance therefore expenditure incurred are allowable as business expenditure.

S. 32: Depreciation—Toll bridge –BOT basis- Intangible asset, depreciation is allowable .

S.28(i) : Business loss – Advance made to parties for purchase of goods, consumables which are written off in the books is held to be allowable as business loss.