S. 37(1):Business expenditure-Diversion of income by overriding title-Payment made to sister concerns not out of its own discretion but made due to obligation arising out of agreement-Claim revenue neutral because assessee claimed sum as business expenditure and recipients of that sum had offered it, in aggregate, as income-Adding it in hands of assessee would be double addition-Expenditure allowable. [S. 4]
S.37(1): Business expenditure-Employees’ Stock Option Scheme Expenses-Disallowance is deleted.
S.37(1): Business expenditure-Corporate Social Responsibility expenses-Disallowance is justified-Qualified Institutional placement expenses-Matter remanded. [Companies Act, 2013, S.135]
S.37(1): Business expenditure-Employees stock option plan compensation expenses-Allowable as deduction.
S.37(1): Business expenditure-Prior-period expenses-Annual technical service fees-Addition is not justified-Employees Stock option plan-Matter remanded to the file of the Assessing Officer.
[S. 145]
S. 36(1)(vii) :Bad debt-Provision for bad debts-Bad debts written Off-Bad debts written off relating to non-rural advances is not required to be adjusted against provision for bad and doubtful debts allowed under Section 36(1)(viia)-Excess provision matter remanded. [S.36(1)viia)]
S. 32 : Depreciation-A Non-Banking Finance Company-Investments-Different method of accounting-Securities as per Reserve Bank of India norms-Disallowance of depreciation is deleted-Automated teller machine-Akin To Computer and computer software-Depreciation allowable at 60 Per Cent. [S. 145]
S. 28(i) : Business loss-Shortage and excess of stocks on physical verification of inventory-Ordinary loss in case of a manufacturer-Allowable as deduction. [S. 37(1)]
S. 23 : Income from house property-Annual value-Higher rent and lower security deposit-Matter remanded to Assessing Officer to determine annual lettable value and after giving an opportunity to assessee. [S. 22]
S.14A : Disallowance of expenditure-Exempt income-Disallowance is to be restricted to exempt income earned and only investments which had actually earned dividend to be considered for disallowance. [R.8D(2)(iii)]