S. 36(1)(iii) : Interest on borrowed capital-Loan given to sister concern-Without charging interest-Disallowance of interest was held to be not valid.
S. 36(1)(iii) : Interest on borrowed capital-Loan given to sister concern-Without charging interest-Disallowance of interest was held to be not valid.
S. 32 : Depreciation-Unabsorbed depreciation-Amalgamation-Unabsorbed depreciation of amalgamating company allowed to be set off against income of amalgamated company for assessment year 2008-09 i.e. beyond period of eight years [S.32].
S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off of-Unabsorbed depreciation loss for assessment year 1995-96 to be carried forward and set off against future profits beyond eight years holding that amendment by Finance Act, 2001 and CBDT Circular No. 14/2001 was applicable retrospectively. [S. 32 (2), 72]
S. 32 : Depreciation-Goodwill-Held to be allowable.
S. 28(i) : Business loss-Foreign exchange forward contract loss-Allowable as business loss.
S. 28(i) : Business income-Income from other sources-Interest earned from surplus fund assessable as business income-Expenditure is held to be allowable as business expenditure. [S. 37 (1), 56, 260A]
S. 14A : Disallowance of expenditure-Exempt income-Investment was made from interest free funds-No disallowance could be made. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Provision is not applicable to prior to assessment year 2007-08.
S. 12AA : Procedure for registration-Trust or institution-School-Entire expenditure incurred by assessee was for purposes of school-Denial of registration is held to be not justified. [S.2 (15), 11]
S. 11 : Property held for charitable purposes-Trade association-Object of promoting awareness and information dissemination with respect to automobile industry-Fees for conducting seminars-Entitle to exemption. [S. 2(15)]