S. 43B : Deductions on actual payment-Employees contribution towards PF & ESI-Paid before due date filing of return-Allowable as a deduction-Amendment to provisions of sections 36(1)(va) and 43B vide Finance Act, 2021 were applicable prospectively in relation to the assessment year 2021-22 and subsequent years. [S. 2(24)(x), 36(1)(va), 139(1), 143(1)(a)(iv)]

S. 43(5) : Speculative transaction-Trading in commodity derivatives-Chargeable to commodities transaction tax-Recognised associations-Cannot be assessed as deemed speculative transactions-loss arising from derivatives can be set off against profit of medical derivatives business of assessee. [S. 70, 73]

S. 41(2) : Profits chargeable to tax-Balancing charge-Asset continued to hold-losses arising from impairment in the value of assets-Impairment in value of the asset was calculated on registered valuer report-Provision is not applicable-Loss not allowable as a deduction. [S. 41(1)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Payments to contractors-Transactions were genuine and parties identifiable-Disallowance is upheld. [R. 6DD(k)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Stock in trade-Insistence of seller-Matter remanded for verification. [R. 6DD(g), 6DD(j]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Rent-Payment to each party less than Rs. 1,50,000-Not liable to deduct tax at source-Directed to delete the disallowance. [S. 194I]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Interest to non-banking financial corporation-Salary to directors-Form No. 26A filed as additional evidence-Matter remanded. [S. 192, 194A, 201]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Payments to employees-Audit mistake-Required to get a revised tax audit report/addendum-Matter remanded. [S. 44AB, 147, 194C]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Fes for technical services-Rendering flight testing services in India-Not in nature of fees for technical services-Not liable to deduct tax at sources-DTAA-India-France. [S. (9)(1)(vii), 195, Art. 13]

S. 37(1) : Business expenditure-Cash expenditure-Diesel, petrol oil and freight-Disallowance of one per cent of expenditure on ad-hoc basis-Disallowance was directed to be deleted.