S. 37(1) : Business expenditure-Rents-Proportionate disallowance of lease rentals-Held to be not valid-Supplementary Rent (SR) paid to lessors-Not reimbursement-Allowable as deduction.

S. 36(1)(va) : Any sum received from employees-Provident fund Employee’s contribution-Deposited before due date of filing of return-No disallowance can be made-Adjustment proposed by centralized processing centre was not sustainable. [S. 139(1), 143(1)]

S. 36(I)(v) : Contribution approved gratuity fund-Approval of Commissioner-Non-approval of scheme after more than 14 years-Contribution made cannot be disallowed. [S. 40(a)(ia)]

S. 36(1)(iii) : Interest on borrowed capital-Business of real estate-Borrowed money for the purpose of business-Lent idle money to third parties at same rate of interest-Interest expenses allowable as deduction-Alternative interest expenses allowable as deduction u/s. 57(iii) of the Act. [S. 37(1), 57(iii)]

S. 36(1)(iii) : Interest on borrowed capital-Trial run-Interest attributable from the date of trail run till date of commercial production allowable as revenue expenditure. [S. 43(1), ICDS IX and AS-16]

S. 36(1)(iii) : Interest on borrowed capital-Professional choreographer-Office-cum residence-Flats used office-cum residence-Interest paid on acquisition of flats allowable as deduction.

S. 32 : Depreciation-Car registered in the name of Director-Depreciation, expenses and interest is held to be allowable. [S. 37(1)]

S. 32 : Depreciation-Professional choreographer-Office-cum residence-Flats used office-cum residence-Proportionate depreciation is allowable.

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Co-owner-Excess share of land received on partition-Not assessable as business income. [S. 2(47), 45]

S. 28(i) : Business loss-Client code modification-Alleged bogus loss-National stock exchange-Less than 1 percent of total.