S. 37(1) : Business expenditure-Assessee, following a consistent method of accounting, has offered EIS to tax on proportionate basis as and when they have accrued over tenure of loan and same has been accepted by revenue-in accordance with RBI norms as well as AS-9-Therefore, keeping in view principle of prudence as well as rule of consistency, no fault could be found with accounting methodology adopted by assessee to recognize revenue under securitization transactions. [S. 145]

S.37(1): Business expenditure Prior period expenditure-Expenditure crystallising only during relevant previous year when bills were received-Allowable as deduction-Provisions for expenses at end of previous year-Actually paid after end of previous year-Allowable as deduction-Contributions to provident Funds-Provision for gratuity-Government Provident Fund Established as Per Provident Funds Act, 1925-Allowable as deduction. [S. 36(1)(va) 40A(7) 145, Constitution, Art.12]

S.37(1): Business expenditure-Insurance business-Provisions on standard assets-Allowable as deduction.[S.44]

S.37(1): Business expenditure-Donation-Contribution-Ministry of Rural Development Instructing Public Sector Banks to lead Institutions in managing and running institutes-Allowable as deduction-Cenvat Credit–Unutilised Cenvat credit charged to profit and loss account-Not allowable as deduction-Bad debt written off-Matter remanded. [S. 36(1)(vii) 80G, Cenvat Credit Rules, 2004.]

S. 37(1): Business expenditure-Capital or revenue training and licensing of Pilots-Entries in books not determinative of nature of expenditure-Allowable as revenue expenditure in year of incurrence.[S. 145]

S. 37(1): Business expenditure-Foreign currency convertible bonds-Not amortising expenses in books-Revenue nature allowable as deduction-Premium payable on redemption of bonds-Allowable as deduction.

S. 37(1): Business expenditure-Capital or revenue-Depreciation-Computer software-Ticketing system for Airlines-Enduring nature-Capital expenditure-Entitled to depreciation at 60 Per Cent. [S. 32]

S.37(1): Business expenditure-Failure to deduct tax at source–Royalty-Matter remanded-DTAA-India-Netherlands-Cash credits-Share capital matter remanded-Office repairs and maintenance-Matter remanded-Disallowance of expenditure in relation to exempt income-Income from dividend-Matter remanded to verify assessee’s claim of income being exempt.[S.14A, 40(a)(i),68, 195]

S.37(1): Business expenditure-Interest paid on delayed remittance of tax-Not allowable as deduction.

S. 37(1): Business expenditure-Capital or revenue-Depreciation-Computer software-Ticketing system for Airlines-Enduring nature-Capital expenditure-Entitled to depreciation at 60 Per Cent. [S. 32]