S. 43(5) : Speculative transaction-Sauda settlement for want of substantiation-Loss on account of reversal of oral contract for supply of wheat-Speculative loss-loss cannot be set off against business income. [S. 28]

S. 43(5) : Speculative transaction-Speculation loss-Profit from money market transactions-Gains arising out of speculative transactions are eligible to be set-off against loss arising out of share transactions. [S. 28, Expln. 2]

S. 43(1) : Actual cost-Depreciation-Expenses on rent and under other heads incurred during construction of hotel building prior to commencement of business is to be capitalised and depreciation is allowable. [S. 32]

S. 40A(9) : Expenses or payments not deductible-Bonus to employees-Payments to external agencies for employees welfare-Allowable as deduction u/s. 37(1) of the Act. [S. 37(1)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Freight payments made to transporters for purchase of paddy-Disallowance sustained.

S. 40(b)(iv) : Amounts not deductible-Partner-Interest-Deed providing for payment of interest-Assessing Officer to calculate interest payable to partner in terms of section and directed to allow.

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education Cess-Allowable as business expenditure. [S. 37(1)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education Cess-Allowable as business expenditure. [S.37(1)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education Cess-Additional surcharge levied on Income-tax-Not deductible.

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not tax-Allowable expenditure. [S. 37(1)]