S. 37(1) : Business expenditure-Capital or revenue-Admission fees paid to Stock Exchange for membership is capital expenditure- Membership of Stock Exchange is a capital asset- Depreciation is allowable. [S. 2(14), 32 National Stock Exchange Rules, 18(b)]

S. 36(1)(iii) : Interest on borrowed capital-Interest on car loan-Car Loan amount directly disbursed to seller of car-Own fund utilized for advancing interest free loan-Disallowance of interests is not justified.

S. 35D : Amortisation of preliminary expenses-Inconsistency in manner of claiming expenditure-Deduction of the fresh expenditure allowable only as per S.35D of the Act .

S. 32 : Depreciation-Voice recording software licences-Entitled to Sixty Per Cent.

S. 28(i) : Business loss-Foreign exchange fluctuation exchange rates -Loans were not used for import of capital goods-Loss allowable as business loss. [S. 37(i)]

S. 14A : Disallowance of expenditure-Exempt income-Assessing Officer should examine correctness of claim that no expenses were incurred after making reference to Account-Without recording the dissatisfaction no disallowance can be made. [S. 10(34), R.8D ]

S. 14A : Disallowance of expenditure-Exempt income-No satisfaction recorded- Disallowance not sustainable. [R. 8D(2)(ii)]

S. 12AA : Procedure for registration-rust or institution-Delay of 158 days in filing the appeal was condoned-Documents which was not produced before the CIT(E) was produced before the Appellate Tribunal-Matter remanded. [S. 12AA, 80G, 253, 254(1)]

S. 10B : Export oriented undertakings-Sale of scrap-Entitled to deduction.