S. 37(1) : Business expenditure-Expenditure wholly and exclusively for business purposes-Expenditure incurred towards welfare activities and community development activities and recreation facilities-Expenditure incurred to fulfil obligations under National Coal Wage Agreements-Tribunal justified in allowing expenditure-Environmental expenses Tribunal remanding matter for want of reasoning by Commissioner (Appeals) and supporting documents is justified. [S. 260A]

S. 37(1): Business expenditure-Insurance and audit expenses Agreement entered into by assessee not covering insurance and audit expenses-Allowable as business expenditure. [S. 260A]

S.37(1): Business expenditure-Employee welfare expenses-Payment under memorandum of settlement for benefit of entire locality-Allowable as business expenditure.[S. 40A(9)].

S. 36(1)(iii) :Interest on borrowed capital-Borrowed capital had been used for purchase of agricultural land-Interest not deductible.[S. 10(1), 14A,260A]

S. 36(1)(iii) :Interest on borrowed capital-Used for purpose of business-Acquiring interest-Allowable as deduction. [S 260A]

S. 32 : Depreciation-Additional depreciation-Unit was a separate undertaking-Order of Tribunal affirmed.[S. 260A]

S. 28(i) : Business loss-Capital loss-Foreign exchange fluctuation loss-Allowable as business loss.[S.37(1), 260A]

S. 22 : Income from house property-Business income-Income assessed as income from house property in prior assessment years-Business income for assessment years 2008-2009, 2009-2010 and 2010-2011-Not valid-Res judicata-Principle not applicable to Income-tax proceedings-Principles of consistency applicable. [S. 28(1), 260A]

S. 17(3) :Salary-Profits in lieu of salary-Ceasing employment-Dispute regarding equity shares issued to assessee while in employment-Amount received on settlement of dispute-Not assessable as profits in lieu of salary-Assessable as capital gains [S. 15, 16, 17(2), 45]

S.14A : Disallowance of expenditure-Exempt income–Amendment by Finance Act, 20221, inserting non obstante clause and Explanation in provision with effect from 1-4-2022-Not retrospective. [R.8D, 260A]