S. 70 : Set off loss-One source against income from another source- Same head of income-Could be set off against income of assessee under same head from other unit not eligible for deduction under said section- Matter remanded to the Tribunal. [S. 10B, 71, 80B(5), 80IC]

S. 56 : Income from other sources-Interest-Short term deposits-Pre -operative period before commencement of business-Assessable as income from other sources.

S. 54F : Capital gains-Investment in a residential house-investment in a residential house in USA prior to 1-4-2015-Entitled to claim exemption. [S. 45]

S. 49 : Capital gains-Previous owner-Cost of acquisition-capital asset not having become property of assessee-Gift not proved by registered document-SLP of assessee is dismissed. [S. 45]

S. 48 : Capital gains-Computation-Transfer of consideration to EMR Mauritius for benefit of certain employees and ex-employees of seller company-Not allowable as deduction. [S. 45]

S. 37(1) : Business expenditure-Foreign travel expenses-promotion of business-legal and professional fees-Expenditure for replacement of part of machine-Held to be allowable as business expenditure.

S. 37(1) : Business expenditure-Miscellaneous expenses-Adhoc disallowance-Not substantiated by producing evidence-Ad hoc disallowance is held to be justified.

S. 32 : Depreciation-Assets leased to three companies-Search- Assets were not found-Transaction genuine or not is a question of fact-Order of Tribunal allowing the depreciation is affirmed. [S. 132]

S. 28(i) : Business Loss-Foreign exchange fluctuation loss-Mark to Market basis -SLP of revenue is dismissed. [S. 37(1)]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance is held to be justified even though the assessee has not earned any exempt income. [R. 8D]