S. 48 : Capital gains – Computation -VAT payment made by assessee at time of transfer of trademark is allowable as deduction [ S.45 48]

S. 43B : Deductions on actual payment -Employees’ share of contribution towards PF and ESI is paid before due date of filing return-No disallowances can be made [ S.139 (1) ]

S. 43A : Rate of exchange – Foreign currency – Depreciation – Forward foreign exchange contracts were taken for acquiring capital assets, profits/loss arising on settlement of such contracts had to be adjusted against cost of concerned capital asset in terms of S. 43A, and depreciation was to be allowed on such adjusted value of capital assets. [ S.32 ]

S. 43(6) : Written down value – Depreciation- Amalgamation- Written Down Value of assets in hands of amalgamated companies has to be calculated without considering unabsorbed depreciation of amalgamating companies for which set off was never allowed. [ S. 32(2) 72A ]

S.37(1): Business expenditure -Capital or revenue- Royalty paid for availing technical know-how and technical expertise and use of brand so owned by provider was allowed as revenue expenditure.

S.37(1): Business expenditure – lease rent – lease rent expenditure was recognized on straight-lining basis, which led to creation of additional lease rental liability in relevant assessment year, would be deductible – Incremental liability on account of lease rental equalization provided for pursuant to adoption of AS-19 having accrued during relevant previous year was allowable deduction in computing income for said year, notwithstanding that such liability may relate to earlier years.[ S.145, AS -19 ]

S. 37(1) : Business expenditure – fine/penalty levied upon it by European commission for violating European union competition laws by way of accepting non-compete settlement amount from a European company- Payment could not be disallowed as per Explanation 1 to S. 37(1) of the Act – Allowability of claim as business loss- Matter remanded for verification . [ . General Clauses Act ,1897 , S .3(38) , Indian Evidence Act , 1872 , S. 57(1) , Art . 13 ]

S.32 :Depreciation- Factory building- Depreciation was allowable on cost of river bank embankment and renovation thereof.

S. 32: Depreciation- Good will- Amalgamation- Purchase, consideration paid in excess of net value of assets and liabilities of amalgamating company was to be treated as goodwill- Entitle to depreciation .

S. 28(i) : Business income – Income from other sources- Interest income on fixed deposits – Extending guarantee to Government authorities -Assessable as income from business and not as income from other sources .[ S.56 ]