S. 44 : Insurance business-Computation of profits-Loss was computed by aggregating its reporting under shareholders account and policy holders account as prescribed under Insurance regulatory and development authority (IRDA). [S. 115B, 260A]

S. 43B : Deductions on actual payment-Electricity duty-Captive power plant (CPP)-Amount deposited as per order of Court-Amount was received by Government-Allowable as deduction-Matter was remanded to Assessing Officer to verify the amounts released to State Government.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Method of accounting-Interest subsidy-Taxable on actual remission or cessation of liability. [S. 145]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-TDS deposited before last date of filing return-No disallowance can be made. [S. 139(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission or brokerage, etc.-Service charges-Not liable to deduct tax at source. [S. 194H]

S. 37(1) : Business expenditure-Commission-Directors or relatives-None of them was shown to have any expertise in procuring Iron Ore Fines (IOF) from Indian markets-Disallowing is justified.

S. 37(1) : Business expenditure-Transportation charges-Reimbursement of expenses-Disallowance is not justified.

S. 37(1) : Business expenditure-Revised return-Revised computation claiming further loss during scrutiny assessment-Direction to consider the claim on merits is held to be justified. [S. 139(5), 254(1)]

S. 37(1) : Business expenditure-Road development-Public Road-Road belonged to Zila Parishad-Allowable as revenue expenditure. [S. 35E]

S. 32 : Depreciation-Bottles and crates-Business of manufacturing and sales of soft drinks-Plant-Bottles and crates used for bottling soft drinks manufactured would be included in definition of plant-Eligible for 100 per cent depreciation. [S. 32(1)(i), 43(3)]