S. 43(5) : Speculative transaction -Exporter of cotton entering into forward contracts — Loss incurred is not a loss in speculative transaction —Entitled to deduction of loss [ S.28 (i ) ]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Banking facilities available — No Evidence of compelling circumstances justifying payments — Disallowance justified. [ R.6DD ]

S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable – No reasonable cause shown – Disallowance is held to be justified .

S.37(1 ) : Business expenditure — Service charges paid to employees in terms of agreement entered into under Industrial Disputes Act — Held to be allowable .[ Industrial Disputes Act, 1947, S 18(1) ]

S.37(1):Business expenditure — Capital or revenue- Fluctuation in foreign exchange rates – Loan to purchase plant and machinery — Increase in liability – Capital expenditure.

S.37(1): Business expenditure — Bank — Purchase and sale of securities — Assessable as business income and not as income from other sources -Interest paid allowable as deduction [ S. 28(i), 36(i) (iii), 56 ]

S.32 : Depreciation — Unabsorbed depreciation — Carry forward and set off —Amendment ,Finance Act of 2001- Circular No. 14 of 2001 dt.9 -11 -2001- No time limit for carry forward and set off [ S.32(2) ]

S.32: Depreciation — Additional depreciation — Generating electricity Manufacture or production of article or thing —Business of generating electricity —Article or thing — Entitled to additional depreciation [ S. 32 (1)(iia) ]

S.32: Depreciation — Unabsorbed depreciation —Set off against long-term capital gains — Held to be justified [ S.32(2), 71, 72 ,73 ]

S. 28(i) : Business income – Income from house property – Rental income from technology park- Assessable as business income – Special Economic Zone -Appellate Tribunal – Remitting the matter is held to be not proper [ S.22, 80IAB , 254(1) ]