S. 37(1) : Business Expenditure-Sales promotion and diwali expenses are held to be allowable as business expenditure.

S. 37(1) : Business expenditure-Corporate social responsibility expenditure, change of law-Expenses prior to amendment prohibiting deduction not to be disallowed. (Expln. 2)

S. 37(1) : Business expenditure-Staff welfare expenses, staff recruitment expenses, expenses pertaining to employees meals on duties, medical expenses, medical insurance, uniform expenses are incidental to carrying on business-Expenditure wholly and exclusively for purpose of business is allowable.

S. 37(1) : Business expenditure-Advertisement-details furnished in respect of two out of three units-Disallowance restricted to 2 per cent. of estimate.

S. 37(1) : Business expenditure-Advances given to subsidiary-Advance made as a measure of commercial expediency-Interest is allowable.

S. 37(1) : Business Expenditure-Investment in shares only 11 Per Cent of own funds, no proportionate disallowance of interest warranted.

S. 37 (1) : Business expenditure-Interest rate hedging contract-Underlying transaction was interest payable on loan-loss or gain from interest rate swap arrangement is allowable as revenue expenditure.

S. 37(1) : Business expenditure-Capital or revenue-Major renovation-Expenditure on repairs & renovation of office premises held to be allowable as business expenditure. [S. 30]

S. 36(1)(iii) : Interest on borrowed capital-Business of investment in shares-Interest paid is allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital-Amount of revenue generation does not, in any manner, affect the claim of deduction.