S. 36(1)(va) : Any sum received from employees-Allowable as deduction even if same was paid after due date specified under respective acts but before due date of filing of return under section 139(1)-Amendment to provisions of sections 36(1)(va) and 43B vide Finance Act, 2021 is prospective in nature and would be applicable only from 1-4-2021. [S. 43B, 139(1)]

S. 36(1)(iii) : Interest on borrowed capital-Loans to Subsidiaries-Advance from out of interest free funds available with them at relevant point of time-Disallowance of interest is not valid.

S. 32 : Depreciation-Additional depreciation-Processing of milk and manufacturing of dairy products such as butter, ghee, pedha, etc-Business of manufacture or production of any article or thing-Entitle for additional depreciation. [S. 32(1)(iia)]

S. 32 : Depreciation-Good will-Amount paid in excess of net asset value for acquiring a business concern would constitute goodwill eligible for depreciation-Matter remanded.

S. 32 : Depreciation-Software development service-Machinery installed in office premises-Not manufacturing-Not entitle to addition depreciation. [S. 32(1)(iia)]

S. 24 : Income from house property-Deductions-Interest on borrowed loan-commercial property was not ready to let out-In the absence of evidence the disallowance is affirmed. [S. 22]

S. 23 : Income from house property-Annual value-Estimation of annual letting value-Not based estimate on any reasonable working in determining annual letting value-Addition was deleted. [S. 22, 23(1)(c)]

S. 15 : Salaries-Managing director-Professional fees cannot be assessed as salary. [S. 28(i), 44AB, 194J]

S. 14A : Disallowance of expenditure-Exempt income-No expenditure incurred-Disallowance cannot be made. [R.8D]

S. 12AA : Procedure for registration-Trust or institution-Education-School-Registration cannot be denied merely because assessee was earning certain profit, specifically, when same was utilised towards objects of trust. [S. 2(15), 11]