S. 44 : Insurance business-Expenditure relating to exempt income-Section 14A not applicable to insurance companies.-Reserve for unexpired premium-Double taxation to be avoided-Matter restored for verification.[S.14A, R.8D, R.6E]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Business expenditure-Education cess and higher education cess-Part of tax-Deduction not allowable.

S. 40(a)(i); Amounts not deductible-Deduction at source-Non-resident-Business expenditure-Reinsurance premium paid to non-resident reinsurers-Not chargeable to tax in India-No liability to deduct tax at source. [S. 195]

S. 37(1) : Business expenditure-Personal expenses of directors-No evidence that expenditure belonged to assessee-Addition deleted.

S. 37(1) : Business expenditure-Advertisement and sales promotion expenses-Real estate project undertaken on ownership basis-Revenue expenditure allowable.

S. 37(1): Business expenditure-Commission to motor vehicle dealers-Genuine business services established-Disallowance deleted-IBNR and IBNER provisions-Ascertained liabilities based on actuarial valuation-Deduction allowable.

S. 37(1) : Business expenditure-Staff welfare expenses-Ad hoc disallowance without identifying non-business expenditure-Deletion justified.

S. 37(1): Business expenditure-Prior period expenses-Provision for gratuity already disallowed by assessee-Double disallowance not permissible-Matter restored.[S. 145]

S. 36(1)(va) : Any sum received from employees-Employees’ contribution to Provident Fund and ESI-Deposit beyond due date-Disallowance forms part of business income and not income from other sources-Employees’ contribution to Provident Fund and ESI-Deduction not allowable under general provision of section 37(1).[S.2(24)(x), 37(1)]

S. 36(1)(iii) : Interest on borrowed capital-Business expenditure-Loans to sister concerns-Consistent view in earlier years-Disallowance deleted.[S. 37(1)]