S. 80P : Co-operative societies-Return filed in response to notice under section 148-Deduction cannot be denied-Interest earned from funds belonging to members-Deduction allowable. [S. 80A(5), 80P(2)(a)(i), 147, 148]

S. 68 : Cash credits-Inspector’s report not furnished and opportunity of cross examination not provided-Violation of principle of natural justice-Addition was deleted. [S. 131, 133(6)]

S. 56 : Income from other sources-Appellate Tribunal-Additional grounds-Shares in excess of fair market value of shares-Start-Up Companies-Consolidated circular of Central Board of Direct Taxes dealing with assessment of Start-Up Companies-Matter remanded to CIT(A). [S. 56(2)(viib), 254(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Scheduled Tribes-Not liable to deduct tax at source as the receipt is not taxable in their hands-Payments to other persons matter remanded to the AO to verify whether payees had included receipts in computation of their total income. [S. 10(26), 195(7)]

S. 37(1) : Business expenditure-Environmental, Travelling, Office maintenance expense-Matter remanded to the Assessing Officer.

S. 37(1) : Business expenditure-Abandoned project-Link with existing business-Allowable as deduction-Payment of bonus commensurate with efforts-Allowable as deduction. [S. 36(2)]

S. 37(1) : Business expenditure-Business Expenditure-Business-Setting up of business and commencement of business-Allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital-Sufficient interest-free funds available for investment in sister concerns-Interest on borrowings not to be disallowed.

S. 36(1)(iii) : Interest on borrowed capital-Capitalisation of interest paid up to date of installation of machinery-Interest relating to assessee’s own funds utilised in purchase to be excluded in computing the interest to be capitalized.

S. 36(1)(iii) : Interest on borrowed capital-Interest-free advances received from customers were available-Interest-free loans given to subsidiaries-Proportionate disallowance of interest not warranted.