S. 36(1)(vii) :Bad debt-Debited provision of doubtful debt from profit and loss account-Given effect in balance sheet-Allowable as deduction.

S. 36(1)(va) : Any sum received from employees-Delay in depositing employees contribution towards PF and ESI-Not allowable as deduction.

S. 36(1)(va) : Any sum received from employees-Due date for deposit-Delay in deposit of contribution-Disallowance is deleted. [Kolkata Port Trust (Non-contributory Provident Fund) Regulations 1988]

S. 36(1)(iv) : Contribution towards a recognized provident fund-Excess contributions to approved superannuation fund to bridge gap between actual contribution and actuarial valuations-Allowable as deduction. [S. 37(1), 36(1)(v) Rule, 27]

S. 32 : Depreciation-Amalgamation-Intangible assets-Depreciation on patented technology-Order of CIT(A) deleting the depreciation is affirmed.

S. 28(i) : Business loss-Disposal of non-banking assets-Loss towards write off of discrepant notes and cash backs offered to credit card customers-Allowable as business loss. [S. 37(1)]

S. 28(i) : Business loss-Converted a part of loan into equity shares-Exchange of one asset to another asset-loss incurred on conversion of such loan into equity shares is allowed as business loss. [S. 36(1)(vii)]

S. 14A : Disallowance of expenditure-Exempt income-stock in trade-No disallowance can be made.[R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Sufficient interest free funds-Investment in securities-Disallowance is deleted.[R.8D]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Own case for earlier assessment years, exemption under section 11 was allowed-No change of facts-Exemption is allowed. [S.11, 13(1)(c)]