S. 37(1) : Business expenditure-Penalty-Prior period expenses-Crystallized in year under consideration-Breach of contract-Can not be equated with offence, or something prohibited by law-Entitle to deduction. [Explanation to section 37, S. 145]

S. 36(1)(iii) :Interest on borrowed capital-Interest free advances-Sufficient funds-No disallowance can be made.

S. 36(1)(iii) :Interest on borrowed capital-Interest-Banks and Public Financial institutions-Treatment in books of account-Allowable as deduction in the year in which the payment is made irrespective of its treatment in books of account. [S. 43B, 145]

S. 32 : Depreciation-Additional depreciation-Business is commenced in earlier year-Depreciation and additional depreciation cannot be disallowed.

S. 28(i) : Business income-Unregistered agreement-Deemed owner-Capital gains-Sale of land-Assessing Officer is justified in making addition on account of entire sale consideration received from ultimate buyer in hands of assessee. [S. 2(47), 4]

S.14A : Disallowance of expenditure-Exempt income-Not earned any exempt income during year-No disallowance can be made. [R. 8D]

S.14A : Disallowance of expenditure-Exempt income-No exempt income-Disallowance cannot be made. [R.8D]

S. 12AB : Procedure for fresh registration-Denial of registration-Genuineness of activities-Commissioner was justified in rejecting application for registration under section 12AB is not maintainable in law.. [S. 12A(1)(ac)(iii), R. 17A(2)]

S. 12AB: Procedure for fresh registration-Cancellation of registration-Provisions of section 12AB(4)(ii), which had been introduced by Finance Act, 2022 with effect from 1-4-2022 could not be invoked for cancellation of registration with retrospective effect from assessment year 2021-22.[S. 12A, 12AA, 12AB(4)(ii), 132]

S. 12AB: Procedure for fresh registration-Fee concession etc to some students-Matter is remanded to the CIT(E) to decide a fresh. [S. 12A(1)(ac)(v), 12AA]