S. 36(1)(iii) : Interest on borrowed capital-Used for acquisition of land which is part of inventory-Allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital-Purchase of machinery-Interest is allowable as deduction even if said machinery was not put to use in year under consideration.

S. 36(1)(iii) : Interest on borrowed capital-Redemption of debentures-Loss on redemption allowable as business loss. [S. 28(i)]

S. 36(1)(iii) : Interest on borrowed capital-Firm and partners-Interest is paid on capital contributed by the partners-It no more remained interest free funds-Disallowance of interest is held to be justified [S. 2(28A), 40(b)]

S. 35D : Amortisation of preliminary expenses-Not an industrial undertaking-Issue expenses was not deductible.

S. 32 : Depreciation-Intangible assets-Digital content, Animation software-Multimedia and entertainment industry-Eligible depreciation at rate of 25 per cent and not 60%.

S. 32 : Depreciation-Intangible Asset-Brand licence fee-Depreciation is held to be allowable.

S. 32 : Depreciation-Leased assets-Entitle for depreciation.

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Receipt of capital asset from holding company-Enhanced profit would be eligible deduction u/s. 10A-Issue left open. [S. 10A, 69]

S. 28(i) : Business loss-Sale of shares-Disallowance of loss was deleted.