S. 36(1)(vii) : Bad debt-Co-Operative Bank-Fixed deposit with another Bank-Liquidation-Amount written off-Allowable as bad debt.

S. 36(1)(va) : Any sum received from employees-Cheque deposited before due date-Cheque cleared after due date-Relevant date is date of deposit of cheque-Allowable deduction.

S. 35 : Scientific research expenditure-Research and development facility was approved by the DSIR-Entitle to weighted deduction. [S. 35(2AB)]

S. 32 : Depreciation-Goodwill-Non-compete payment-Technical knowhow and other assets-Eligible for depreciation. [S. 32 (1)(ii)]

S. 32 : Depreciation-Sale-cum-lease back transaction-Entitle to depreciation. [S. 43(1)]

S. 28(i) : Business loss-Foreign exchange loss-No depreciable assets-Allowable as revenue expenditure-Foreign exchange gain to be assessed as business income.

S. 28(i) : Business loss-Speculation Loss-Loss on purchase of commodities on National Spot Exchange for which delivery receipts issued but not delivered-Allowable as business loss-Unsettled contract of purchase or sale is not speculative transaction. [S. 43(5)]

S. 24 : Income from house property-Deductions-Borrowed money was used for the purpose acquisition and construction of school building-Interest allowable as deduction. [S. 24(b)]

S. 14A : Disallowance of expenditure-Exempt income-Administrative expenditure-Suo motu disallowance made by the assessee was allowed-Followed earlier year order-Book profit-Expenses Incurred To Earn Exempt Income-Not To Be Added For Computing Book Profits. [S. 115JB, R. 8D(2)]

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumption that the investment was made from own funds-Disallowance of interest is not warranted-Book profit-Only actual expenses incurred is liable to be excluded. [S. 115JB(2), R. 8D (2)(ii), 8(2)(iii)]