S. 36(1)(iii) : Interest on borrowed capital-Amalgamation-Interest paid after amalgamation-Matter remanded.

S. 35D : Amortisation of preliminary expenses-Amortisation of preliminary expenses-Entitled to deduction at one-Fifth of expenditure.

S. 32 : Depreciation-Westland Helicopters-Block of asset User of asset-The concept of user of assets has to apply upon block of asset as a whole instead individual assets-Denial of depreciation is held to be not valid. [S. 2(11)]

S. 32 : Depreciation-Goodwill-Capitalized goodwill on account of excess consideration-Commercial rights-Eligible depreciation. [S. 32(1)(ii)]

S. 32 : Depreciation-Biometric system’ is a ‘Computer’ and depreciation is to be allowed @ 60%.

S. 28(i) : Business loss-Advance to subsidiary-Amount written off-Allowable as business loss-Conversion of capital asset in to stock in trade-Loss on sale of stock in trade-Allowable as business loss.

S. 28(i) : Business income-Business expenditure-Software development-Expenses, depreciation and set off of brought forward loss and unabsorbed depreciation-Matter remanded to Commissioner (Appeals). [S. 68]

S. 22 : Income from house property-Income from business-Rental income from leasing of flats-Assessable as income from house property. [S. 28(i)]

S.14A : Disallowance of expenditure-Exempt income-Own funds are more than value of investment in firm, mutual funds and shares-No disallowance can be made-Charging net amount to profit and loss account-Lump sum disallowance of 15 lakhs was held to be proper. [R. 8D(2)(ii), 8D(2)(iii)]

S. 12AA : Procedure for registration-Trust or institution-Fund to promote welfare and recreational activities of personnel of Delhi Police-Entitle to registration. [S. 2(15)]