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.

S.28(i) : Business loss – Government deposits written off is held to be allowable as business loss .[ S.37 (i)]

S.28(i) : Business loss – Retention money – Advances to the companies which are in nature of irrevocable which are written off in the books is allowable as business loss.

S.28(i) : Business loss -Advance to purchase of land- loss incurred on account of irrevocable advance paid for purchase of land for construction of office is held to be allowable as business loss .

S.14A : Disallowance of expenditure – Exempt income – AO has neither considered contention of the assessee nor recorded the satisfaction, hence disallowance is not justified.[ R.8D ]