S. 45 : Capital gains-Cost of development paid under tripartite arrangement-Allowable as cost of improvement-Brokerage paid allowable as deduction. [S. 48]

S. 43(5) : Speculative transaction-Premium on forward cover – Commodity-Foreign exchange cover not contract for purchase of share or stock and does not fall within definition of commodity – Transaction not speculative.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Commission paid to subsidiary at lower rate than others-No disallowance can be made.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Professional fees-Onus shift on revenue to show expenses excessive and not legitimate-Assessing Officer cannot contend that the expenditure is not required at all. [S. 37(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Interest on deposits-Tax not deducted-Declaration was furnished by depositors-Disallowance was deleted. [S. 194A, 197A(1), Form No. 15G]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Software purchase-Nature of trade-Not liable to deduct tax at source.

S. 37(1) : Business expenditure-Bank guarantee to execute project-Bank recovering from the assessee-Loss in the ordinary course of business-No element of fines or penalties-Allowable as business expenditure.

S. 37(1) : Business expenditure-Premium payable on redemption of debentures-Spread over period of debenture.

S. 32 : Depreciation – Rate of depreciation-Printer, Router, Scanner, Switches Forming Integral Part Of Computer System-Entitled To Depreciation At High Rate Of 60 Per Cent.-Bizerba weighing scales- Not part of computer-Not entitled to depreciation at 60 Per Cent.

S. 28 (i) : Business loss-Foreign exchange losses-Marked-to-market losses on hedging contracts-Allowable as deduction-Tribunal admitted additional grounds. [S. 37(1)]