S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Commission-Brokerage-Related party-Comparable with market rate-No disallowance can be made.

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Training, printing and staff welfare expenses-Reimbursement of expenses without any profit element-Receipts not chargeable to tax-Not liable to deduct tax at source-Article 7 of OECD Model Convention-DTAA-India-Singapore. [S. 9(1)(i), 195]

S. 37(1) : Business expenditure Land acquired by Metro-Commercial obligation-Parking space to shop owners-Cost of land allowable as deduction. [S. 28 (1)]

S. 37(1) : Business expenditure-Foreign exchange loss-Hedging-Mark to market on foreign exchange forwards-Allowable as business loss. [S. 28(i)]

S. 28(i) : Business loss-Forward contract-Hedging loss-Foreign exchange loss-Allowable as business loss. [S. 37(1)]

S. 28(i) : Business loss-Real estate business-Earnest money forfeited-Allowable as business loss-Commission paid to agent for purchase of plots of land-Transaction not materialise due to failure to pay full amount of consideration-Allowable as business loss. [S. 37(1)]

S. 14A : Disallowance of expenditure-Exempt income-Not subjected to MAT adjustment-More non-interest bearing funds-No disallowance can be made-Only exempt income yielding investments have to be taken into consideration whilst computing administrative expenses. [S. 11JB, R. 8D(2)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-Purpose for which the investment was made is not relevant for disallowance. [R. 8D]

S. 12AA : Procedure for registration-Trust or institution-Application of income outside India-Rejection of application is held to be not justified. [S. 11(1)(c), 12]

S. 11 : Property held for charitable purposes-Principle of consistency-Exemption was allowed. [S. 2(15), 12A]