S. 37(1) : Business expenditure-Bogus Purchases-Information received from investigation wing Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction. [S. 133(6)]

S. 37(1) : Business expenditure-Joint Venture-Payment towards engineering and development cost each year dependent upon volume of production. Intellectual property rights remaining with companies, Payment not resulting in intangible asset capable of capitalization, said payment for use of technology revenue in nature.

S. 37(1) : Business expenditure-Assessee carrying on business in veterinary pharmaceuticals-Products registration expenses-Allowable as revenue expenditure:

S. 37(1) : Business Expenditure-Capital or revenue-Non-Compete fee-In the first year of payment, proportionate deduction disallowed holding the same as capital expenditure-Rule of consistency is to be followed.

S. 37(1) : Business expenditure-Club membership fees-Club membership used by representatives of assessee for entertaining present and prospective customers-Commercial expediency-Allowable expenditure.

S. 37(1) : Business expendirure-Amortisation of preliminary expenses-Capital or revenue expenditure-Expenditure in connection with increase in authorised capital-Not allowed as revenue expenditure-Assessee cannot capitalise it and claim depreciation thereon-Mercantile system of accounting-Interest to be taxed on accrual basis. [S. 32, 35D, 37(1), 145]

S. 37(1) : Business expenditure- Equity Stock Option Plan-ESOP expenses-Failure to consider the submissions-Matter remanded.[S. 17(2)(vi(c),192]

S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purcahses-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]

S. 37(1): Business expenditure-Commercial expediency-Professional and consultancy charges-Matter remanded.

S. 37(1): Business expenditure-Insurance premium of director paid by Company-Not incurred wholly and exclusively for the purpose of business-Not allowable as deduction-Bogus purchases-Entire bogus purchase cannot be added-Addition restricted to 12.5% of alleged bogus purchases.-Delay of 177 days was condoned. [S. 133(6), 254(1)]