S. 43(5) : Speculative transaction – Foreign exchange fluctuation – Forward contract- Not speculative in nature – Allowable as revenue expenditure [ S.37 (1) ]

S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction

S.37(1): Business expenditure – Prior period expenditure – Held to be allowable

S. 32 : Depreciation -Computer system- Switches and routers- Part of peripherals of computer system- Entitled to depreciation at rate of 60 per cent

S. 32 : Depreciation -Additional depreciation – Machinery was put to use for less than 180 days – Balance depreciation of 50% is allowable in subsequent year . [ S. 32(1)(iia) ]

S. 28(i) : Business income – Income from house property – letting out building along with other amenities in industrial park- Assessable as income from business [ S. 22 ]

S.14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee had not earned any exempt income [ R.8D ]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions – Survey – Only to extent of income which was violative of section 13(1)(d) and not total denial of exemption. [ S. 11, 12A, 13(1)(d), 133A, Art , 226 ]

S. 11 : Property held for charitable purposes – Application of income – Expenses of earlier years can be adjusted against income earned in subsequent year . [ S. 11(4) ]

S. 11 : Property held for charitable purposes – Activity of running hostel – Not commercial activity – Denial of exemption is held to be not justified . [ S. 2(13), 2(15) , 11(4A) ]