S. 28(1) : Business loss-Bad debt-Business of Financing and investing-Giving Guarantees was one of the object-Borrowers for whom guarantee given, defaulted and assessee repaid the loan amount-Assessee recovered partial amount from borrowers and balance unrecovered amount written off, was held allowable as business loss. [S. 36(2)]

S. 28 (i) : Business loss-loss on securities-Mark-to-Market loss-Unrealised foreign exchange loss allowable as business loss. [S. 37(1)]

S. 28(i) : Business income-Provision for carbon credit-No sale of carbon credits during year-provision for carbon credits inadvertently included in taxable income,-Remand report that provision written off in subsequent year and disallowed in assessment for that year-Provision not taxable. [S. 143(3), 145]

S. 28(i) : Business income-Licence to run the hotel along with fully furnished hotel-Assessable as business income and not as income from house property. [S. 22]

S. 24 : Income from house property-Deductions-Business of real estate-Interest-Amount borrowed for repayment of earlier loan-Allowable as deduction. [S. 22, 24(b)]

S. 22 : Income from house property-Renting of terrace for installation of antenna tower was taxable as income from house property and not as income from other sources. [S. 56]

S. 22 : Income from house property-Deemed rent on unsold flats lying as inventory-Not taxable as income from house property-The amendment in Finance Act, 2017 w.e.f. 1 April 2018 is prospectively applicable from AY 2018-19 onwards. [S. 23]

S. 22 : Income from house property-Rent-From installation of antenna tower on the terrace assessable as income from house property and not as income from other sources-Deduction allowable as per S. 24(a) of the Act. [S. 24(a), 56]

S. 14A : Disallowance of expenditure-Exempt income-No disallowance can be made when exempt income earned during the year-No addition of disallowance under section 14A is called for while computing income under section 115JB of the Act. [S. 115JB, R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Own interest free funds in the form of share capital and free reserve-Interest disallowance is not justified. [R. 8D]