S. 35D : Amortisation of preliminary expenses-Raising authorised capital-Eligible for deduction.

S. 35 : Scientific research expenditure-Deduction could not be denied merely because prescribed authority failed to send intimation in Form 3CL in respect of expenditure incurred by R&D unit for relevant assessment year. [S. 35(2AB)]

S. 32 : Depreciation-Software-Capital or revenue-If assessee’s claim allowed, claim to depreciation for following year would become infructuous. [S. 37(1)]

S. 28(1) : Business loss-Bad debt-Business of Financing and investing-Giving Guarantees was one of the object-Borrowers for whom guarantee given, defaulted and assessee repaid the loan amount-Assessee recovered partial amount from borrowers and balance unrecovered amount written off, was held allowable as business loss. [S. 36(2)]

S. 28 (i) : Business loss-loss on securities-Mark-to-Market loss-Unrealised foreign exchange loss allowable as business loss. [S. 37(1)]

S. 28(i) : Business income-Provision for carbon credit-No sale of carbon credits during year-provision for carbon credits inadvertently included in taxable income,-Remand report that provision written off in subsequent year and disallowed in assessment for that year-Provision not taxable. [S. 143(3), 145]

S. 28(i) : Business income-Licence to run the hotel along with fully furnished hotel-Assessable as business income and not as income from house property. [S. 22]

S. 24 : Income from house property-Deductions-Business of real estate-Interest-Amount borrowed for repayment of earlier loan-Allowable as deduction. [S. 22, 24(b)]

S. 22 : Income from house property-Renting of terrace for installation of antenna tower was taxable as income from house property and not as income from other sources. [S. 56]

S. 22 : Income from house property-Deemed rent on unsold flats lying as inventory-Not taxable as income from house property-The amendment in Finance Act, 2017 w.e.f. 1 April 2018 is prospectively applicable from AY 2018-19 onwards. [S. 23]