S. 36(1)(iii) : Interest on borrowed capital-Business of real estate-Borrowed money for the purpose of business-Lent idle money to third parties at same rate of interest-Interest expenses allowable as deduction-Alternative interest expenses allowable as deduction u/s. 57(iii) of the Act. [S. 37(1), 57(iii)]

S. 36(1)(iii) : Interest on borrowed capital-Trial run-Interest attributable from the date of trail run till date of commercial production allowable as revenue expenditure. [S. 43(1), ICDS IX and AS-16]

S. 36(1)(iii) : Interest on borrowed capital-Professional choreographer-Office-cum residence-Flats used office-cum residence-Interest paid on acquisition of flats allowable as deduction.

S. 32 : Depreciation-Car registered in the name of Director-Depreciation, expenses and interest is held to be allowable. [S. 37(1)]

S. 32 : Depreciation-Professional choreographer-Office-cum residence-Flats used office-cum residence-Proportionate depreciation is allowable.

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Co-owner-Excess share of land received on partition-Not assessable as business income. [S. 2(47), 45]

S. 28(i) : Business loss-Client code modification-Alleged bogus loss-National stock exchange-Less than 1 percent of total.

S. 24 : Income from house property-Deductions-Interest paid on borrowed capital-Possession of property is not a mandatory condition for claiming the deduction. [S. 22, 23(2), 24(b)]

S. 14A : Disallowance of expenditure-Exempt income-No exempt earned in relevant assessment year-No disallowance can be made. [R. 8D]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Interest free loan given to two consultants as per terms of employment-No violation-Exemption cannot be denied–Benefit to interested persons in violation of section 13(1)(c)-Only that part of income which is in violation of section is chargeable to tax at maximum marginal rate of tax; but not whole income of trust. [S. 11, 13(1)(c), 13(3)(cc)]