S. 37 (1) : Business expenditure-Interest rate hedging contract-Underlying transaction was interest payable on loan-loss or gain from interest rate swap arrangement is allowable as revenue expenditure.

S. 37(1) : Business expenditure-Capital or revenue-Major renovation-Expenditure on repairs & renovation of office premises held to be allowable as business expenditure. [S. 30]

S. 36(1)(iii) : Interest on borrowed capital-Business of investment in shares-Interest paid is allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital-Amount of revenue generation does not, in any manner, affect the claim of deduction.

S. 35D : Amortisation of preliminary expenses-Raising authorised capital-Eligible for deduction.

S. 35 : Scientific research expenditure-Deduction could not be denied merely because prescribed authority failed to send intimation in Form 3CL in respect of expenditure incurred by R&D unit for relevant assessment year. [S. 35(2AB)]

S. 32 : Depreciation-Software-Capital or revenue-If assessee’s claim allowed, claim to depreciation for following year would become infructuous. [S. 37(1)]

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]