S. 37(1) : Business expenditure-Debit of cash discount prior to crystalising during year and not in prior or subsequent year-Deduction allowable. [S. 145]

S. 37(1) : Business expenditure-No documents in support of claim of quantum of expenses-Disallowance sustained.

S. 37(1) : Business expenditure-Travel expenses-No evidence to support claim-Expense not allowable.

S. 36(1)(vii) : Bad debt-Bad debt or part thereof-Sum received-Declared as income in subsequent year-Disallowance is not justified.[S. 36(2)]

S. 36(1)(iii) :Interest on borrowed capital-Interest free loans-no business transaction with parties-Notional interest computed at 0.88 % on average-Reasonable.

S. 35D : Amortisation of preliminary expenses-Business expenditure-Payment to registrar of companies towards fees considered as preliminary expenses and 1/5th allowed in initial years-Cannot be disallowed in subsequent years.[S. 37(1)]

S. 35 : Scientific research expenditure-Weighted deduction-Recognition of facility different from approval-No Approval-Not entitled to exemption. [S. 35(2AB)]

S. 32 : Depreciation-Condition Precedent-Ownership of asset-Asset purchased by sister concern-Mere agreement for use of asset does not vest assessee with any right, title and interest-Depreciation not sustainable.

S. 28(i) : Business loss-Purchase and sale of shares-Penny stock-STT paid-Scripts manipulated by third parties-No adverse findings against assessee-Assessee made transactions in good faith-Loss not bogus-Loss allowed as business loss. [S. 10(32)]

S. 28(i): Business loss-Set off-New business-Income from other sources-Set up-Matter remanded-Set-Off of expenses incurred against interest income allowable. [S. 37(1), 56]