S. 32: Depreciation-Carry forward and set off-Unabsorbed depreciation as current year’s depreciation-Set-off against income under any head, including income from other sources-Provision does not mandate that business be carried on in relevant year, nor limit adjustment to business income.[S. 32(2), 72]

S. 32: Depreciation-POS machine is eligible for depreciation at a rate of 40 per cent-SAP license being a computer software, depreciation on the same was allowable at a rate of 40 per cent.

S. 28(iv): Business income-Value of any benefit or perquisites-Converted into money or not-Hospitality business-Unsecured loans-Shel companies-No evidential proof or investigation established loans as sham and lender companies were active, registered and not identified as shell companies-Addition was not justified.

S. 28(i): Business income-Call centre facilities-Business of providing call centre facilities and leasing out premises-Assessable as business income and not as income from house property-Maintenance charges received by assessee, owner of a property, from tenants for undertaking maintenance of common areas of property were to be assessed as income from business and profession. [S. 22]

S. 28(i): Business income-Export of services-Not liable to pay GST/IGST on services exported out of India-Refund of IGST could not be treated as income of assessee.[S. 43B, Central Goods and Services Tax Act, 2017, S.54]

S. 28(i): Business income-Foreign Exchange fluctuations-Loan given to overseas party-Mark-to-market gain on loans given to an overseas party due to year-end foreign exchange reinstatement-loans were not on revenue account-Addition was deleted. [S. 45]

S. 24: Income from house property-Deductions-Interest deduction on loans taken for rental properties-Matter remanded to the Assessing Officer for verification. [S. 22]

S. 23: Income from house property-Annual value-Taxes which are actually paid during the year are deductible-Matter remanded for verification-Leased property to a partner the Master Clock and Works Pvt Ltd (MB) at lower rent, claiming it was a bare shell-Fair rent comparison-Matter remanded for verification. [S. 22]

S. 23: Income from house property-Annual value-After expiry of lease, property remained vacant-Assessing Officer was to be directed to determine ALV of property based on municipal ratable value (MRV)[S. 22, 23(1) (c)]

S. 17(2): Salary-Perquisite-LIC annuity-Employer purchasing an annuity policy in the name of the employee, payable in future. Cannot be taxed as a perquisite in the hands of the employee in the relevant assessment year, as the employee had not acquired any vested or enforceable right over the said amount in the relevant assessment year. [S. 10 (10CC) 15]