S. 37(1) : Business expenditure-Foreign Exchange losses towards loan in nature of external commercial borrowings for acquisition of assets from outside India and from within India-The Tribunal failed to look at substance of expenditure and erroneously interpreted the provisions of Section 43A-Matter remanded back to the Tribunal for an effective adjudication of specific issue.[S.43A, 254(1), 260A]

S. 37(1): Business expenditure-Commissioner of Income Tax (Appeals) directed to decide the issue on disallowance of deduction claimed on debenture resumption within 3 months as matter pertains to year 1997-98-Revenue has accepted the finding of Tribunal in assessee’s own case in previous years regarding disallowance of expenses on entertainment expenditure and expenses related to school the same question of law cannot be raised in a subsequent year. [S. 40A (9), S. 246A, 260A].

S. 37(1) : Business expenditure-Expenses for inviting NRIs to open deposits in its Indian branches-Allowable as business expenditure. [S.260A]

S. 36(1)(va) : Any sum received from employees-Payment was made after due date prescribed under respective Acts-Order of Tribunal disallowing the expenses is affirmed. [S. 260A]

S. 35D : Amortisation of preliminary expenses-Initial public offer of shares expenses-Direct expenses incurred in connection with initial public offer of shares, it could not claim deduction of indirect expenses incurred in connection with same object as revenue expenses. [S. 37(1)]

S. 32 : Depreciation-Godowns-Plinths-plinth constructed could not be treated as building-Not entitle to depreciation-Order of Tribunal is affirmed. [S. 22, 26, 260A]

S. 32 : Depreciation-Unabsorbed depreciation-Carried forward Deemed to be a business loss-Can be set off only against profits or gains of any business or profession-Cannot be set off against income from any other source.[S.28(i), 32(2), 56, 71, 72(2),72(3), 143(1),154, Art. 226]

S. 14A : Disallowance of expenditure-Exempt income-Own interest free funds-Investment in its subsidiaries-No disallowance of interest expenditure can be made.[R.8D]

S.14A : Disallowance of expenditure-Exempt income-Insertion of Explanation to Section 14A by Finance Bill, 2022-Held prospective in nature-The ITAT’s order is set aside and orders of the CIT (Appeals) is affirmed.[S. 260A, R.8D]

S. 12A : Registration –Trust or institution-Form No 10AB could not be up loaded due technical glitches-Commissioner is directed to accept Form No. 10AB in physical mode treating same as filed prior to last date of submission-Decide it on its own merits, considering period of delay and reasons for delay. [Form No.10AB, Art. 226]