S. 37(1) : Business expenditure-Joint Venture with State Industrial Corporation-Subsequent winding up of joint venture company — Amount paid as guarantor under the Scheme of BIFR is held to be allowable as deduction.

S. 37(1) : Business expenditure–Deferred expenditure-No concept of deferred revenue expenditure–Expenditure is allowable as deduction.

S. 36(1)(iii) : Interest on borrowed capital–Interest and finance charges-loans taken for investment in acquiring controlling interest in a foreign subsidiary which is in same line of business-Allowable as expenditure. [S. 37(1)]

S. 36(1)(iia) : Weighted deduction–Salary paid to blind or physically handicapped persons–Computation-Salary to be taken after allowance of standard deduction. [S. 16]

S. 32 : Depreciation-Moulds – Depreciation at 30 % or 10%-Glass manufacturing concern-Matter remanded to the Tribunal. [S.254(1)]

S. 32 : Depreciation-Entitled to depreciation in respect of assets which were discarded or scrapped during previous year-Not necessary that such assets were actually sold during year.

S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and Set off-Entitle to set off carried forward unabsorbed depreciation against income assessed u/s. 68 of the Act-Prior to Amendment of S.115BBE with effect from 1-4-2017-Amendment is not retrospective. [S. 68 115BBE]

S. 28(i) : Business income-Capital gains-288 transactions– Assessable as business income and not short term capital gains. [S. 45]

S. 14A : Disallowance of expenditure-Exempt income–Tribunal is justified in restricting the disallowance of 5% of exempt income-Rule 8D would not be applicable retrospectively. [R. 8D]

S. 12AA : Procedure for registration–Trust or institution-Delay in filing form No 10-CIT(E ) is held to be not justified in rejecting the form no 10 filed belatedly–Delay was condoned–Matter remanded to CIT( E ) grant the registration as per the law. [S. 11(2) 119(2b), 147, 148, Art. 226]