S. 35 : Scientific research expenditure-Weighted deduction-Recognition of facility different from approval-No Approval-Not entitled to exemption. [S. 35(2AB)]

S. 32 : Depreciation-Condition Precedent-Ownership of asset-Asset purchased by sister concern-Mere agreement for use of asset does not vest assessee with any right, title and interest-Depreciation not sustainable.

S. 28(i) : Business loss-Purchase and sale of shares-Penny stock-STT paid-Scripts manipulated by third parties-No adverse findings against assessee-Assessee made transactions in good faith-Loss not bogus-Loss allowed as business loss. [S. 10(32)]

S. 28(i): Business loss-Set off-New business-Income from other sources-Set up-Matter remanded-Set-Off of expenses incurred against interest income allowable. [S. 37(1), 56]

S. 28(i) : Business income-Income from other sources-Income earned from FDs out of cash credit limits for securing contracts-Part of business income-Miscellaneous income from sale of scrap-Additions unjustified. [S. 56]

S. 28(i) : Business income-Accrual of income-Advance received for services to be rendered in subsequent years-AO taxed in current year-CIT(A) allowing 10% to be treated in subsequent year-Addition to be deleted.[S. 5, 145]

S. 22 : Income from house property-No change in facts-Cannot be treated as income from business and profession.[S. 28(i)]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-AO is directed to restrict disallowance accordingly. [R. 8D]

S.14A : Disallowance of expenditure-Exempt income-Book profits-Disallowance cannot be added to book profits. [S.115JB]

S. 14A : Disallowance of expenditure-Exempt income-Vague and stereotyped reasons for making disallowance-No satisfaction recorded-Disallowance to be reversed.[R. 8D]