S. 80IB: Industrial undertakings – Interest Subsidy – Revenue subsidies received by the assessee towards reimbursement of cost could be said to have direct nexus with profits and gains of industrial undertaking and eligible for deduction.

S. 80IB: Industrial undertakings – Manufacture –Process of galvanization amounted to ‘manufacture’ since the resultant product is a different commercial commodity having distinct use and is sold at a higher price.

S.48:Capital gains – Computation – Expenses incurred towards fees for computerization of share certificates in order to transfer them to escrow account is allowable as deduction .[ S.45, 112 ]

S. 43B : Deductions on actual payment -Unutilised MODVAT credit representing excise duty paid of raw material/input at the end of year cannot be allowable as deduction

S. 43B: Deductions on actual payment – Employees provident fund -No disaalowance can be made , if deposted prior to due date of filing of return [ S.139(1)]

S.37(1):Business expenditure –Bank- Provision for interest on over due deposits being ascertained liabilities which is crystallised during the relevant previous year is held to be allowable as deduction [ S.145 ]

S. 11 : Property held for charitable purposes – Application of income -Wrirte back of depreciation was allowed to be carried forward for application of income of subsequent years [ S.32 ]

S. 37(1): Business expenditure – Expenditure incurred fpr acqudsition of application software which was subsequently abandoned would be allowable in year of write off as revenue expenditure [S.145 ]

S. 32A:Investment allowance- Development rebate -Transfer of asset within 8 years to the retiring partner , denial of benefit of investment allowance/development rebate was justified.[ S.2(47),34(3),35A ,155(4A)]

S. 14A: Disallowance of expenditure – Exempt income – Assessing Officer cannot attribute administrative expenses for earning tax free income in excess of total administrative expenditure.[R.8D ]